{"id":1004709892,"date":"2024-04-11T03:44:17","date_gmt":"2024-04-11T11:44:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709892"},"modified":"2024-04-18T01:26:07","modified_gmt":"2024-04-18T09:26:07","slug":"orlando-area-power-center-checks-out-with-47m-refinancing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orlando-area-power-center-checks-out-with-47m-refinancing\/","title":{"rendered":"Orlando Power Center\u2019s Checkout: $47M Refi"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" data-attachment-id=\"1004709893\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/orlando-area-power-center-checks-out-with-47m-refinancing\/crosslands-teaser\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/crosslands-teaser-e1750416058623.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"crosslands-teaser\" data-image-description=\"&lt;p&gt;The Fresh Market at The Crosslands, one of the power center\u2019s largest tenants. Image courtesy of JLL&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Fresh Market at The Crosslands, one of the power center\u2019s largest tenants. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/crosslands-teaser-e1750416058623.png?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/crosslands-teaser.png\" alt=\"\" class=\"wp-image-1004709893\" style=\"width:400px\"\/><figcaption class=\"wp-element-caption\">The Fresh Market at The Crosslands, one of the power center&#8217;s largest tenants. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The joint venture of The Hampshire Cos., Federated Hermes and O\u2019Connor 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.<\/p>\n\n\n\n<p>Proceeds repay a $49 million loan that Hampshire took out when it purchased the <a href=\"https:\/\/www.commercialsearch.com\/news\/strong-retail-fundamentals-drive-investor-demand\/\">retail property<\/a> for $121 million back in 2016. That note, provided by Principal Financial Group, was set to mature in 2026, according to CommercialEdge information.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-an-orlando-area-power-center\">An Orlando-area power center<\/h2>\n\n\n\n<p>Built over a two-year period from 2014 to 2016, The Crosslands was a joint development between its first owners, O\u2019Connor and Tupperware Brands Corp. The former still handles leasing at the property, CommercialEdge data shows.<\/p>\n\n\n\n<p>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\u2019s are also on the roster, among others.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:&nbsp; <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/what-99-cents-onlys-demise-means-for-cre\/\"><span class=\"fl-heading-text\">What 99 Cents Only\u2019s Demise Means for CRE<\/span><\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Retail properties continue to perform strongly across Orlando, mirroring the metro\u2019s strong employment numbers and GDP growth. A Colliers <a href=\"https:\/\/www.colliers.com\/en\/research\/orlando\/central-florida-retail-market-report-q4-2023\" target=\"_blank\" rel=\"noopener\">retail market report<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proceeds repay a $49 million acquisition loan.<\/p>\n","protected":false},"author":3012,"featured_media":1004709897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1493,21749,32781],"tags":[52374,32796,34254,33975,35314],"class_list":["post-1004709892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-orlando","category-retail","category-southeast","tag-federated-hermes","tag-jll","tag-oconnor-capital-partners","tag-td-bank","tag-the-hampshire-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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