CBRE announced that it has arranged for the sale of a 10,695-sq.-ft. CVS located at 99 Greenwich Avenue in Greenwich, Conn. 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 Avenue is a single-tenant retail building NNN leased to CVS through January 2038, providing long-term, stable income. The property is located on the prestigious Greenwich Avenue, known as the “Rodeo Drive of the East”, in the high demographic town of Greenwich. This half-mile, upscale retail corridor includes 78 stores, including high-end retailers 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.

Mr. Dunne commented, “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.”

CBRE’s Metro N.Y. National Retail Partners team has several attractive investment opportunities currently available including: Cortlandt Crossing, a newly developed ShopRite and HomeSense anchored center in Mohegan Lake, NY; a single tenant, long-term Marquee Cinema in New Hartford, NY; and Ansonia Landing, a 91,447± sq. ft. Stop & Shop anchored center in Ansonia, CT.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.