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Greenwich Retail Property Sold for $30M

New York-based Midwood Investment & Development has sold a retail property in the heart of Greenwich’s downtown retail district for $30 million.

The property at 99 Greenwich Ave. is leased to a 10,695-square-foot CVS Pharmacy through 2038, according to brokerage CBRE.

CBRE’s Jeffrey Dunne, David Gavin, Travis Langer and Will Pike represented Midwood in the sale and procured the buyer, an undisclosed institutional investor.

“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,” Dunne said in a statement.