Orion Buying Corp Acquires 31 Net Lease Properties From Neil Mellen's Estate For $88.5M

The asset involved in this transaction is a retail property located at 1 Palomba Drive in Enfield, CT. The sale was completed for $88,505,802, which pertains to a portfolio consisting of 31 net lease properties anchored by Town Fair Tire. This portfolio features 16-year absolute net leases across prime locations in seven Northeast states.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $88,505,802
• Buyer: Orion Buying Corp
• Brokers: Alex Quinn, James Koury - Marcus & Millichap & Dan Plotkin - Northeast Retail

This transaction was facilitated by Marcus & Millichap, in collaboration with Northeast Retail, on behalf of the late founder Neil Mellen's estate. The portfolio included specific properties that have already been resold for $7.96 million, showcasing further investment activity following the acquisition.