Saks Property On Greenwich Avenue Sold For $67 Million

GREENWICH, CT — A property at 200 Greenwich Avenue, anchored by Saks Fifth Avenue on its ground floor, has sold for $67 million. The sale of the 62,850 square-foot trophy, mixed-use retail and office property was brokered by commercial real estate firm CBRE Group, Inc.

The property was purchased by Kensico Properties from the owner, 200 Greenwich Avenue, LLC, according to a statement from CBRE.

"This sale illustrates that the real estate market in Greenwich, especially in the downtown business district, remains strong and attractive not only to investors but to people who want to live in close proximity to a vibrant and active downtown," First Selectman Peter Tesei said in a statement emailed to Patch.

Saks Fifth Avenue is located on the ground floor of the property. The retailer recently signed a long-term lease at 200 Greenwich Avenue and expanded from their store across the street.

Additional retailers at the property include Sweaty Betty, Fjallraven and Vilebrequin. Compass also recently leased the majority of the property's office spaces.

"200 Greenwich Avenue provided a highly unique, generational opportunity to purchase the dominant property in the heart of Greenwich Avenue," Jeffrey Dunne of CBRE's National Retail Partners said in a statement. "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."

Last month, CBRE brokered the sale of the CVS property at 99 Greenwich Avenue, a 10,695 square-foot space that sold for $30 million. The property was purchased from the owner, Midwood Investment & Development, by 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.," Dunne said in a statement. "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."