Savanna sells 10 Madison Square West retail condo to TIAA real estate arm for $98M

Investor paid $60M for the 21K sf property in 2014

10 Madison Square West, Chris Schlank and Todd Rollins
10 Madison Square West, Chris Schlank and Todd Rollins

Savanna sold the retail condo at 10 Madison Square West for $97.5 million, three years after buying it for $60 million.

TH Global Real Estate, a subsidiary of TIAA Global Asset Management, is the buyer of the 20,619-square-foot Space On Fifth Avenue. Steve Witkoff, who sold the retail space to Savanna back in 2014, is currently converting the building’s upper floors into condos.

Pet supply company PetSmart recently leased the bulk of the retail space, while the remaining 4,000 square feet were leased out to an unnamed second tenant, the Commercial Observer reported.

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Cushman & Wakefield brokered the sale.

Todd Rollins of TH Real Estate told CO that it was planning a long-term hold on the retail condo. [CO]Konrad Putzier

(To see more of Savanna’s transactions, click here)