AVON, CT — A small Avon shopping plaza featuring Town Fair Tire was sold recently as part of a large, multi-property transaction involving a New York-based real estate company.
Kempner Properties, a White Plains, N.Y., commercial real estate company, has acquired a portfolio of six shopping centers in Connecticut and Rhode Island — all anchored by Town Fair Tire stores— for $30.75 million.
In Avon, this includes the plaza at 248 W. Main St., which is home to a Town Fair Tire, Advanced Auto Parts, a Goodwill store, and a Bottle Shop.
The building is 48,213 square feet, according to Kemper Properties.
The total portfolio totals 126,299 square feet and is 92 percent occupied, Kempner officials said.
The six properties acquired by Kempner Properties were sold by the Estate of Neil Mellen, the founder of Town Fair Tire, who died in January 2024.
Kempner Properties, which specializes 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, officials there said.
“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,” added 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”