Norwalk Shopping Plaza Anchored By Tire Store Sold In Large Deal

NORWALK, CT — A commercial real estate company has purchased six shopping centers anchored by Town Fair Tire in Connecticut and Rhode Island, including one in Norwalk, for $30.75 million, according to a statement provided by the company.

Kempner Properties is based in White Plains, N.Y. One of the shopping centers purchased was the 580 Main Avenue location of Town Fair Tire in Norwalk. AT&T is another tenant at the 7,800-square-foot plaza.

Other plazas included in the sale are located in Orange, Milford, Avon and Wallingford, as well as Warwick, R.I., according to Kempner Properties.

The total portfolio Kempner bought includes 126,299 square feet and is 92 percent occupied.

Town Fair Tire leases 40 percent 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.

Chris Rhatigan, Patch Staff contributed to this report