TIAA-CREF Acquires Chelsea Retail Condo for $42M
TIAA-CREF picked up an 18,280-square-foot retail condominium in Chelsea for $42 million yesterday, according to a source with intimate knowledge of the deal.
The space, at 636 Avenue of the Americas on the northeast corner of West 19th Street, is comprised of 9,465 on the ground floor with the remainder functioning as a selling basement. CVS recently opened in the entire condo on a new long-term lease, the source said.
“This property fulfills our investment strategy to acquire high-quality retail assets in strong urban retail corridors,” said Kevin Waters, the director of northeast acquisitions for TIAA-CREF Real Estate, in prepared remarks.
William Macklowe and his firm William Macklowe Company acquired the six-story, 90,000 square-foot property at 636 Avenue of the Americas in partnership with Clarion Partners (CPREX) in early 2011, as Commercial Observer previously reported, but Clarion had sole ownership of the retail unit.
JLL‘s Jon Caplan, Scott Latham, Anthony Ledesma and Stephen Shapiro represented Clarion in the direct deal. Mr. Caplan declined to comment.