CRE deals often rush to close at the end of the year, and 2024 is proving to be no exception in the net lease space. Here are some examples of recent activity.

Marcus & Millichap sold a portfolio of 31 net lease properties anchored by Town Fair Tire for $88.5 million. The portfolio includes identical, absolute net leases with the prominent tire and wheel retailer in the Northeast. The properties are in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island and Vermont.

“All locations have 16-year terms remaining, rent increases every five years and are backstopped with parent guarantees. Since the sites were sold from the founder’s personal portfolio, they tend to be in the best locations with the highest sales volumes,” said Marcus & Millichap senior associate Alex Quinn, who represented the estate of Town Fair Tire’s founder, Neil Mellen (now deceased), along with managing director James Koury. The pair worked with Dan Plotkin of Northeast Retail, and Koury and Quinn procured the buyer, Orion Buying Corp.