Mixed-Use Building In Old Greenwich Sells For $5.1 Million

GREENWICH, CT — CBRE, a commercial real estate services and investment firm, recently announced the $5.1 million sale of a boutique Class A mixed-use retail and multifamily building at 1381 E. Putnam Ave., in Old Greenwich.

According to CBRE, the seller was Marx Realty and the buyer was a private investor based in Stamford.

The property contains four luxury apartments and two retail suites on the ground floor. Built in 2016, the property is 100 percent leased, CBRE said in a news release. The retail suites, occupied by Club Pilates and Estate Treasures of Greenwich, offer a combined weighted average lease term of approximately seven years.

"1381 East Putnam offers stable existing cash flow from long-term retail leases along with highly coveted luxury apartments in one of the most affluent areas in the nation," said Stuart MacKenzie, a first vice president with CBRE. "This transaction is a testament to Greenwich and how it continues to be an extremely desirable location for apartment renters and retailers alike."

David Gavin of CBRE said the property "represented a unique opportunity to acquire a recently redeveloped, mixed-use property with stable income in one of the most prestigious markets in the country."

Jeffrey Dunne, David Gavin, Stuart MacKenzie, Travis Langer and Daniel Blumenkrantz of CBRE’s Institutional Properties Group represented the seller. CBRE also procured the buyer.