(For more retail coverage, click GlobeSt.com/RETAIL.)
ORLANDO-In the highest retail per-sf-price deal of the year here, New York-based TIAA-CREF Inc. paid an affiliate of Glenview, IL-based Illinois Tool Works Inc. $57 million, or $387.19 per sf, for the 16-year-old, 147,214-sf Crossroads at Lake Buena Vista directly across the entrance to Walt Disney World at State Road 535 and Interstate 4.
Area retail brokers in a position to know tell GlobeSt.com TIAA-CREF beat out two dozen national bidders for the asset. The selling entity was ITW Mortgage Investments IV which had owned the 90%-leased property for five years, brokers intimate with the transaction tell GlobeSt.com.
Disney Development Co. built the open-air neighborhood-sized center in 1989. Disney had a waiting list of 75 retailers who had vied to lease space at the prime tourist location, brokers who did deals there at the time tell GlobeSt.com.
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