Marcus & Millichap brokers $2.9m sale of triple-net-leased Town Fair Tire in Greenfield, Massachusetts

Greenfield, MA Marcus & Millichap completed the sale of Town Fair Tire, a 14,261 s/f, triple-net-leased automotive service property located at 10 Silver St. The property sold for $2.9 million, or $203.35 per s/f.

Jason Fefer, Rob Narchi and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, in association with Thomas Shihadeh, Marcus & Millichap’s Massachusetts broker of record, had the exclusive listing to market the property on behalf of the seller, a private investor restructuring their portfolio. Gio Figueiredo, Chris Biuso and Spencer Koch, investment specialists in the firm’s Orlando office, represented the buyer, a private investor and business operator in the automotive industry.

“This transaction provided the buyer with an opportunity to acquire a property backed by a strong corporate tenant with more than 18 years remaining on an absolute triple-net lease,” said Jason Fefer, senior director investments. “We’ve seen increased investor interest in net-leased automotive properties due to the attractive yields they can offer relative to other net-leased assets. This transaction reflects that demand, combining a long-term lease, corporate guarantee and established operating location.”

Built in 1953, the 14,261-s/f property is situated on 1.10 acres along the Federal St. and Silver St. commercial corridor. The property is leased to Town Fair Tire under an absolute triple-net lease with approximately 18 years remaining and a corporate guarantee from Mavis Tire Express Services TopCo Corp. The lease includes five percent rent increases every five years and six five-year renewal options. Located near Interstate 91, the property provides access to Greenfield and the surrounding Franklin County region.