GREENWICH – U Park 39 Group LLC July 2 purchased a mixed-use commercial business district property at 39 Lewis St. for $10.69 million at a cap rate of 6.74% from 39 Lewis Street Property LLC, according to CBRE.
CBRE’s National Office Partners Jeffrey Dunne, Steven Bardsley, Travis Langer and Steve Holt represented both the buyer and seller in the deal. The property is 100% leased and includes 17,081 square feet. It is home to several small businesses, such as Splurge, a gift shop; Rinfret Ltd., an interior design company; Quadratic Capital Management; the Lipedema Foundation and Whimsies, a dollhouse shop.
The property is located less than one block from prestigious Greenwich Avenue, offering an abundance of amenities including upscale dining and world-renowned retail. The building provides stable cash flow with office tenants on the upper floors and ground floor retail. The Greenwich CBD has benefited from a continued increase in demand from office tenants, lowering the vacancy close to 8%, with rents averaging nearly $110 per square foot.
“39 Lewis Street’s 100% occupancy, coupled with an extremely strong Greenwich CBD market, provides a stable in-place NOI (net operating income), albeit at below market rents, creating an optimal environment for U Park to grow rental revenue in the future,” Bardsley said.
CBRE National Office Partners has several opportunities currently in the market, including 1 American Lane, a 155 acre site with a 620,000 square-foot office building approved for 198 townhomes in Greenwich; 1100 Kingsbrook, a six-building office complex totaling 645,000 square feet on 47.5 acres of land in Rye Brook; CityPlace I, an iconic, CBD Class A, 38-story, 878,255 square-foot, value-add office tower in Hartford; and 1010 Northern Boulevard, a 176,045-square-foot hybrid medical office building/office property, in Great Neck, Long Island.
