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| The Crosslands Shopping Center, Kissimmee, FL |
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| Daniel Finkle |
MIAMI, FL, Aug. 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.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
Twitter @hampshireco
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