News:
Brokerage
Posted: August 23, 2019
Dunne, Gavin, Langer and Pike of CBRE arranges
$30 million sale of 10,695 s/f at 99 Greenwich Avenue
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.”
MORE FROM Brokerage
O,R&L Commercial facilitates $3.8m sale of 29,879 s/f mixed-use property
Wallingford, CT O,R&L Commercial has completed the $3.8 million sale of a mixed-use investment property located at 33-39 North Main St. and 24-25 Wallace Ave. in the town center.
Quick Hits
Columns and Thought Leadership
The rise of AI in CRE - And what it means for every skilled profession - A broker & appraiser weighs in - by Bryan Plourde
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.
End of the year retail thoughts - by Carol Todreas
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
