CBRE has arranged the sale of a 62,850 sq. ft. trophy, mixed-use retail and office property located at 200 Greenwich Avenue in Greenwich, Connecticut for $67 million. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, 200 Greenwich Avenue, LLC, in the sale and also procured the buyer, Kensico Properties, which acquired the property for $67 million. The sale follows on the heels of last week’s sale of 99 Greenwich Avenue, a long-term CVS property that the team traded for $30 million.
200 Greenwich Avenue is located on prestigious Greenwich Avenue, known as the “Rodeo Drive of the East,” in the high demographic town of Greenwich, CT. This half-mile, upscale retail corridor includes 78 stores, including high-end retailers such as Tiffany, Gucci, Hermes, Vineyard Vines and Restoration Hardware, to name a few, as well as 17 restaurants. The property is anchored by Saks Fifth Avenue on the ground floor, which recently expanded from their long-standing store across the street and signed a long-term lease at 200 Greenwich Avenue. In addition, Compass recently leased the majority of the office space at the Property. Additional high-end retailers at the property include Sweaty Betty, Fjallraven and Vilebrequin.
Mr. Dunne commented, “200 Greenwich Avenue provided a highly unique, generational opportunity to purchase the dominant property in the heart of Greenwich Avenue. The Property’s strong rent roll with additional upside, combined with its 159-space on-site covered parking garage, a rare amenity on Greenwich Avenue, 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; Oakwood Shopping Center, a grocery and pharmacy anchored center in Staten Island, 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.
