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February 27, 2025

NY firm acquires Town Fair Tire-anchored shopping centers, mostly in CT, for $30.75M

Shopping center at 248 West Main Street in Avon
By Michael Juliano

Kempner Properties, a White Plains, New York-based commercial real estate company, has  acquired a portfolio of six shopping centers in Connecticut and Rhode Island that are all anchored by Town Fair Tire for $30.75 million.

The portfolio totals 126,299 square feet of commercial space and is 92% occupied, Kempner said.

Town Fair Tire leases 40% of the total space on triple net leases, which require the tenant to pay all expenses, including taxes, insurance and maintenance. The rest of the centers’ spaces are occupied by local, regional and national tenants.

The six properties were sold by the Estate of Neil Mellen, the founder of Town Fair Tire who died in January 2024.

Kempner Properties, which focuses on buying and owning shopping centers, said it plans to invest in improvements at several of the centers that will include parking lot upgrades and exterior enhancements.

"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."

Robert Kempner, managing partner of Kempner Properties, noted that Town Fair Tire recently merged with  Mavis Discount Tire, resulting in a network of more than 900 locations across New England and the Northeast.

"The acquisition of this portfolio fits in well with our current portfolio of grocery -anchored and neighborhood shopping centers,” he said.

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 Street, Avon

  • Tenants: Town Fair Tire, Advanced Auto Parts, Goodwill, Bottle Shop
  • 48,213 square feet 

1326 Boston Post Road, Milford

  • Tenants: Town Fair Tire, Blinds to Go, Pearle Vision, Oreck
  • 16,958 square feet 

580 Main Avenue, Norwalk

  • Tenants: Town Fair Tire, AT&T
  • 7,800 square feet

994 North Colony Road, Wallingford

  • Tenants: Town Fair tire, East Coast Wine Merchants, Tobacco World, Pizza Shop
  • 22,297 square feet

61 Boston Post Road, Orange

  • Tenants: Town Fair Tire, Bajas Mexican Restaurant, Party Magic
  • 13,008 square feet

1085 Bald Hill Road, Warwick, Rhode Island

  • Town Fair Tire, Leslie Pools, T-Mobile
  • 18,023 square feet 

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