July 30, 2019
CBRE arranged the sale of a 10,695-square-foot CVS at 99 Greenwich Ave. in Greenwich, CT. The team of Jeffrey Dunne, David Gavin and Travis Langer, along with Will Pike of CBRE’s Net Lease Property Group, represented the owner, Midwood Investment & Development, in the sale.
The team also procured the buyer, an institutional investor, who acquired the property for $30 million.
Triple-net leased to CVS, the property is located on a half-mile retail corridor known as the “Rodeo Drive of the East.” This stretch of Greenwich Avenue is home to 78 stores, including Saks Fifth Avenue, Tiffany & Co., Gucci, Hermes, Vineyard Vines and Restoration Hardware, as well as 17 restaurants.
“CVS’s lease through 2038, combined with 10% rent, bumps every five years, will provide the purchaser with stable income for years to come,” said Dunne.
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