Victoria’s Secret has a 15-year double-net lease on the property with 14 years remaining on the base term and one 10-year option to renew. Annual 2.5 percent rent increases during the base term and the option period are built into the lease.

“This trophy asset was constructed in 1940 and extensively renovated in 2009,” says Kristol. “The location’s demographics are excellent with more than 164,000 people living within a five-mile radius and continued projected growth of nearly 12%.”

National retailers immediately surrounding the property include Ralph Lauren, Guess, Barneys New York, Armani Exchange, Club Monaco, Kenneth Cole, Steve Madden, Sephora, and Dash. The building features 10,264 square feet of retail space on the first two floors and 3,000 square feet of office and storage space on the third level.

“This sale illustrates the continued demand for high-quality commercial real estate that benefits from substantial barriers to entry and has demonstrated the ability to weather the economic downturn,” Anthony Blanco, co-managing partner of Plaza Advisors, tells GlobeSt.com. “A substantial amount of domestic and foreign capital is seeking assets like these and the demand for such real estate far exceeds the supply in the marketplace. Pricing is very strong for these assets but at the end of the day it’s still an irreplaceable piece of commercial real estate that should continue to do well in the future.”