JLL refinances one of Florida’s most highly-trafficked centers

JLL Capital Markets has arranged refinancing to the tune of $47.1 million for the ownership of one of Florida’s most-visited shopping centers.

Joint-venture owners of Kissimmee’s The Crosslands-- Hampshire Companies, Federated Hermes, and O’Connor Capital Partners--secured a three-year, non-recourse loan through TD Bank. The deal was arranged by Jon Mikula, Michael Klein, and director Brian Gaswirth, leaders of JLL’s debt advisory team.

The 529,212-sq.-ft. Crosslands draws more than 4 million visitors annually and is currently 100% leased. Key shopping destinations at the center include The Fresh Market, Burlington, Academy Sports, Hobby Lobby, Marshalls/HomeGoods, and Ross Dress For Less.

The food and beverage lineup stars BurgerFi, Cheddar’s, Outback Steakhouse, and Pie Fection.

“Retail fundamentals in Orlando remain among the strongest in the nation, and this transaction highlights that bank liquidity remains readily available for centers with strong surrounding demographics,” said Gaswirth. “We are grateful for the expertise brought to the table by the sponsors and look forward to the continued partnership and ongoing success of this property.”

According to Placer.ai, The Crosslands is ranked in the top 4% of Florida shopping centers by visits. Traffic at the center maintains a steady pace due to steady densification in the nearby communities of St. Cloud, Poinciana, and Davenport, as well as the more than 70 million visitors drawn each year to nearby theme parks and attractions.