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The Shoe Store That Jordan Built has given Thor Equities reason to smile today. Thor Equities sold 26-34 South State St, which houses the Jordan Brand store, to a division of TIAA Global Asset Management, for $44.24M.
TIAA acquired the asset through its investment manager, TH Real Estate. It's getting the 96k SF store, a JV between Nike's Jordan brand and Foot Locker's Footaction brand.
Nike and Foot Locker signed a 15-year lease and, while they occupy the entire building, only 24k SF is store space. Thor placed the asset on the market in March just before Madison Capital bought Sullivan Center in a $267M deal in April, and River East the following month for $133M. Thor Equities paid $5M for the South State Street properties in 2002; they were vacant at the time.
