Avon, CT Kempner Properties, a White Plains NY-based commercial real estate company, has acquired a portfolio of six shopping centers in Connecticut and Rhode Island anchored by Town Fair Tire for $30.75 million.
The portfolio totals 126,299 s/f and is 92% occupied. Town Fair Tire leases 40% of the space on triple net leases, with the rest filled by a solid mix of local, regional and national tenants. The six properties acquired by Kempner Properties were sold by the estate of Neil Mellen, the founder of Town Fair Tire, who passed away in January of last year.
This sale follows the Mellen estate’s previous disposition of a separate portfolio consisting of 31 net-leased, freestanding Town Fair Tire locations. These six properties are unique due to their co-tenancy with other retailers, classifying them as “anchored strip shopping centers” a key factor aligning with Kempner’s acquisition criteria.
Kempner Properties, which specialize in the acquisition and ownership of shopping centers, plans to invest in improvements, including parking lot upgrades and exterior enhancements at several of the centers.
Jeffrey Winokur of J H Winokur, Inc. represented the seller on this transaction.
The retail shopping centers purchased in the Kempner deal include:
• 248 West Main St., Avon, CT, 48,213 s/f; tenants include Town Fair Tire, Advanced Auto Parts, Goodwill, and Bottle Shop.
• 1326 Boston Post Rd., Milford, CT, 16,958 s/f; tenants include Town Fair Tire, Blinds to Go, Pearle Vision, and Oreck.
• 580 Main Ave. Norwalk, CT, 7,800 s/f; tenants include Town Fair Tire, and AT&T.
• 994 North Colony Rd., Wallingford, CT, 22,297 s/f; tenants include Town Fair Tire, East Coast Wine Merchants, Tobacco World, and Pizza Shop.
• 61 Boston Post Rd., Orange, CT, 13,008 s/f; tenants include Town Fair Tire, Bajas Mexican Restaurant, Party Magic
• 1085 Bald Hill Rd., Warwick, RI, 18,023 s/f; tenants include Town Fair Tire, Leslie Pools, T-Mobile.
“These properties are in prime, high-traffic regional locations,” said Douglas Kempner, managing partner of Kempner Properties. “We are excited about this acquisition and believe we’ve secured high-quality assets with a strong anchor and a well-balanced mix of tenants.”
“Town Fair Tire recently merged with Mavis Discount Tire resulting in a combined network exceeding 900 locations across New England, the Northeast and, a strong testament to their success,” said Robert Kempner, managing partner of Kempner Properties. “The acquisition of this portfolio fits in well with our current portfolio of grocery anchored and neighborhood shopping centers.”