MILFORD, CT — A commercial real estate company has purchased six shopping centers anchored by Town Fair Tire in Connecticut and Rhode Island for $30.75 million, according to a statement.
Kempner Properties is based in White Plains, New York. One of the shopping centers purchased was at 1326 Boston Post Road in Milford.
In addition to Town Fair Tire, the plaza includes other stores like Blinds to Go, Pearle Vision, and Oreck.
The 61 Boston Post Road location of Town Fair Tire in Orange was also part of the sale. Other tenants at that plaza include Bajas Mexican Restaurant and Party Magic.
The total portfolio Kempner bought includes 126,299 square feet and is 92% occupied.
Town Fair Tire leases 40% of the space on triple net leases, with the rest filled by a mix of local, regional, and national tenants, according to the statement.
The six properties were sold by the estate of Neil Mellen, founder of Town Fair Tire, who passed away in January of last year. Jeffrey Winokur of J H Winokur, Inc. represented the seller on this transaction.
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, according to the statement.
“These properties are in prime, high-traffic regional locations,” Douglas Kempner, managing partner of Kempner Properties, said in a statement. “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 of over 900 locations across the region.
“The acquisition of this portfolio fits in well with our current portfolio of grocery anchored and neighborhood shopping centers,” Robert Kempner, managing partner of Kempner Properties, said in a statement.