Greenwich, CT CBRE has arranged the sale of a 10,695 s/f CVS located at 99 Greenwich Ave. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners along with Will Pike of CBRE’s Net Lease Property Group, represented the owner, Midwood Investment & Development, in the sale and also procured the buyer, an institutional investor, who acquired the property for $30 million.
99 Greenwich Ave. is a single-tenant retail building NNN leased to CVS through January 2038, providing long-term, stable income. Greenwich Ave., known as the “Rodeo Drive of the East,” is a half-mile retail corridor including 78 stores, such as Saks Fifth Avenue, Tiffany & Co., Gucci, Hermes, Vineyard Vines and Restoration Hardware, as well as 17 restaurants. CVS renewed their lease effective in 2018, affirming their commitment to the property.
Dunne said, “The property provided a unique opportunity to purchase a high volume, long-term CVS in one of the most prestigious retail markets in the U.S. CVS’s lease through 2038 combined with 10 percent rent bumps every five years, will provide the purchaser with stable income for years to come.”