Orlando-Area Power Center Checks Out With $47M Refinancing
The joint venture of The Hampshire Cos., Federated Hermes and O’Connor Capital Partners has obtained $47.1 million for the refinancing of The Crosslands, a nine-building, 529,212-square-foot power center in Kissimmee, Fla. TD Bank provided the new three-year, non-recourse loan in a deal arranged by JLL.
Proceeds repay a $49 million loan that Hampshire took out when it purchased the retail property for $121 million back in 2016. That note, provided by Principal Financial Group, was set to mature in 2026, according to CommercialEdge information.
An Orlando-area power center
Built over a two-year period from 2014 to 2016, The Crosslands was a joint development between its first owners, O’Connor and Tupperware Brands Corp. The former still handles leasing at the property, CommercialEdge data shows.
The 63-acre power center is currently anchored by several off-price clothing retailers, including Burlington, Marshalls and Ross. Additional anchors include The Fresh Market, alongside Academy Sports and HomeGoods. Sephora, Boot Barn, Forever 21, Dollar Tree, Five Below, GNC and Haverty’s are also on the roster, among others.
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Located at 751 Centerview Blvd., The Crosslands is at the intersection of Osceola Parkway and Orange Blossom Trail, where the daily car traffic reaches 90,000. The power center serves a population of 250,000 living within a 5-mile radius and has some 4.4 million visitors annually. Disney World is some 7 miles west, while downtown Orlando, Fla., is 18 miles north.
JLL Senior Managing Directors Jon Mikula and Michael Klein and Managing Director Brian Gaswirth, alongside Analysts Michael Kavaler and Val McWilliams, led the Capital Markets Debt Advisory team who arranged the financing.
Retail properties continue to perform strongly across Orlando, mirroring the metro’s strong employment numbers and GDP growth. A Colliers retail market report from the fourth quarter of 2023 found that The City Beautiful had 50,400 square feet of positive net absorption, while rents increased year-over-year to $33.80 per square foot.
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