Associate Managing Editor
Orlando Business Journa,
Central Florida’s first post-recession, huge big-box shopping center and its new sister property now have a new owner.
Orlando-based Tupperware Brands Corp. (NYSE: TUP), New York-based O’Connor Capital Partners and West Palm Beach businessman Peter Bergner on Aug. 10 announced the $121 million sale of The Crosslands and Cinque Terre, two retail complexes totaling 529,300 square feet near Tupperware’s headquarters on the border of Orange and Osceola counties.
The buyer was Morristown, N.J.-based The Hampshire Real Estate Cos., which bought the properties in two separate transactions:
- Hampshire’s related HUH DI/OCP Crosslands LLC spent $98.04 million to buy The Crosslands from Osceola Crossings Owner LLC. The $60 million, 427,000-square-foot retail center was completed last year and is anchored by The Fresh Market, Hobby Lobby, Marshalls/Home Goods, Ross Dress For Less and others, as well as restaurants like Cheddar’s Casual Cafe.
- County records didn’t yet show details on the Cinque Terre sale, but the $20 million, 101,000-square-foot shopping center was fully leased when it broke ground last fall, as previously reported by Orlando Business Journal. Tenants include Burlington Coat Factory, 24-Hour Fitness and the county’s first 4 Rivers Smokehouse.
Together, both complexes had a 98 percent occupancy at the time of the sale.
“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 O’Connor Capital Partners CEO Bill O’Connor in a prepared statement. “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.”
Some related parcels that include a future 120-room hotel and a restaurant may not have been part of the sale, though it’s not yet known.
Tupperware’s related Deerfield Land Corp. also is spending about $6 million to rebuild the “old wagon trail,” known as Orange Avenue near its corporate campus. That rebuilt road will be the gateway into Tupperware’s future mixed-use, transit-oriented development adjacent the soon-to-be-built Tupperware/Osceola Parkway SunRail station, one of four new stations planned for the next phase of the Central Florida commuter rail.
That development so far is expected to include $85 million in new multifamily projects, including a 350-unit apartment complex and 200-unit, age-restricted apartment community by Eastwind Development LLC, as OBJ previously reported.
Construction is expected to start this summer on the new Tupperware SunRail station.