Photo courtesy of Marcus & Millichap

Commercial real estate brokerage Marcus & Millichap announced the $7.1 million sale of an East Haven industrial asset.

The Town Fair Tire headquarters complex at 406 Coe Ave., which includes a 207,000-square-foot distribution center with 20,000-square-feet of office space and a 176-trailer position industrial outdoor storage site, was sold by Mellen East Haven Associates LLC, an affiliate of Town Fair Tire. Company founder Neil Mellen died in January.

Combined, the properties span 210,314 square feet on 38.5 acres. The portfolio is leased to Town Fair Tire, a subsidiary of Mavis, on a long-term, absolute triple-net lease.

“This offering generated significant interest from the private buyer pool. Family offices, in particular, recognized the value in this long-term, below-market lease,” said Harrison Klein, first vice president investments. “This sale is indicative of investors desire for quality distribution assets throughout New England.”

Harrison Klein, Jim Koury and Alex Quinn, investment specialists in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer. John Krueger is Marcus & Millichap’s broker of record in Connecticut.