Midwood Investment & Development sold a retail building in Greenwich, Connecticut, for $30m. The single-tenant, 10,695 sq ft retail building is leased to CVS through January 2038. CBRE represented the owner and procured the buyer, an 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,” said Jeffrey Dunne of CBRE.
