Orlando-area shopping center retails for $121 million
An institutional real estate investment firm based in New York announced the $121 million sale of a Kissimmee shopping center in partnership with Orlando-based Tupperware Brands Corporation.
New York-based O’Connor Capital Partners sold The Crosslands, a 529,300-square-foot shopping center along the Osceola Parkway in Kissimmee, a suburb of Orlando.
O’Conner developed, leased and managed the shopping center and oversaw its construction, which was completed in June.
O’Conner will retain an interest in The Crosslands and will continue leasing and managing the property under the direction of Peter Bergner in the company’s Palm Beach office. O’Connor also has an office in Mexico City.
The Crosslands is 98 percent leased and has a roster of tenants including Fresh Market, Hobby Lobby, Ross Dress For Less, Marshall’s, Home Goods, Forever 21, Burlington Coat Factory, 24 Hour Fitness and Academy Sports.
The shopping center has almost 3,000 feet of frontage along Osceola Parkway, the primary road to the Walt Disney World area, which attracts more than 51 million visitors a year.
Tom Roehlk, Executive Vice President, Chief Legal Officer & Secretary of Tupperware Brands Corporation, said in a written statement, “The combination of location, tenancy and design — with a distinctive architectural feel including first-class landscaping, wide walkways and expansive storefronts — will help position The Crosslands as one of the best performing shopping centers in one of the most desirable markets in the nation.”
Source: The Real Deal