03:30 AM EST, 12/24/2024 (MT Newswires) -- Marcus & Millichap ( MMI ) said late Monday it has brokered the sale of 31 net lease properties anchored by Town Fair Tire for $88.5 million to Orion Buying.

The deal was conducted in partnership with Northeast Retail, which along with Marcus & Millichap ( MMI ), represented the estate of Town Fair Tires' founder, Neil Mellen, the company said.

The properties, located in seven northeastern states, all have 16-year terms remaining, rent increases every five years and are backstopped with parent guarantees. the company said.