August 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $121 million sale and arranged $49 million in financing for The Crosslands, a 530,816-square-foot grocery-anchored power center in Kissimmee, Florida (Orlando MSA).
HFF marketed the property on behalf of the seller, O’Connor Capital Partners, in partnership with Tupperware Brands Corporation. The Hampshire Companies purchased the asset with O’Connor Capital Partners retaining an interest as well as management and leasing responsibilities for the property. Additionally, working on behalf of the new ownership, HFF placed a seven-year, fixed-rate loan with Principal Real Estate Investors.
Situated on 71 acres at 601-751 Centerview Boulevard (Phase I) and 740-874 West Osceola Parkway (Phase II), the recently-developed retail center is located at the intersection of West Osceola Parkway and Orange Blossom Trail (State Road 441), which serves as a regional retail epicenter for Kissimmee. The center is less than eight miles from Walt Disney World, Sea World and Universal Studios. Phase I was built in 2014, with Phase II completion to occur in the fourth quarter of 2016. Overall, the two phases are 99 percent leased to a roster of national and regional retailers, including The Fresh Market, 24 Hour Fitness, Burlington Stores, Academy Sports, Havertys Furniture, Hobby Lobby, Marshalls, HomeGoods, Forever21 RED, PetsMart, Five Below, Boot Barn, Cheddar’s Scratch Kitchen, Dollar Tree, Party City and Outback Steakhouse.
The HFF investment sales and debt team was led by senior managing director and co-head of HFF’s Retail Group Daniel Finkle, senior managing director Jon Mikula, managing directors Chris Drew and Michael Klein and associate director Brian Gaswirth.
“The Crosslands’ unique combination of location, accessibility and visibility made this an ideal position for several of the industry’s most sought after retailers and a highly-desirable investment opportunity,” Finkle said.
“The Crosslands represents an exceptional opportunity to capitalize on the strong economic and demographic trends in one of the most sought after submarkets in the Southeastern United States,” said William Q. O’Connor, CEO of O’Connor Capital Partners. “Orlando is one of the top-performing markets in the country, with strong supply and demand fundamentals driving tremendous economic and employment growth, which is a positive indicator for continued top performance for well-located assets such as The Crosslands.”
[button href=”https://www.hfflp.com/media-center/press-releases/144304/hff-arranges-121-million-sale-and-49-million-in-financing-for-orlando-area-regi.aspx” style=”flat” size=”medium” color=”#1e73be” target=”_blank”][HFF][/button]
[button href=”http://oconnorcp.com” style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]FOLLOW O’CONNER CAPITAL PARTNERS[/button]
[button href=”http://www.HampshireRE.com” style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]FOLLOW THE HAMPSHIRE COMPANIES[/button]