CBRE has arranged the sale of a 62,850 s/f 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 a sale of 99 Greenwich Avenue, a long-term CVS property that the team traded for $30 million.
Greenwich Avenue has been called 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 its 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.
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.”