Home Fairfield Retail space at 99 Greenwich Ave. sells for $30M

Retail space at 99 Greenwich Ave. sells for $30M

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The single-tenant retail space 99 Greenwich Ave. in Greenwich has been sold for $30 million.

The property is leased to a CVS outlet through January 2038. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners and Will Pike of CBRE’s Net Lease Property Group represented the owner, Midwood Investment & Development, in the sale and procured the buyer, an institutional investor whose name was not made public.

“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.,” Dunne said. “CVS’ lease through 2038 combined with 10 percent rent bumps every five years, will provide the purchaser with stable income for years to come.”

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