MIAMI—MetLife just grabbed a 435,000-square-foot outdoor retail center in Kissimmee, FL. Known as The Loop, the shopping complex sits in about 57 acres at the intersection of Osceola Parkway and John Young Parkway, south of Orlando’s central business district.
MetLife bought the complex from an institutional client of AEW Capital Management. Financial terms of the deal were not disclosed.
“MetLife is further diversifying its real estate equity holdings by adding a high quality retail outlet such as The Loop to our portfolio,” says Robert Merck, senior managing director and global head of real estate for MetLife. “We look forward to adding more such assets to our portfolio in the future.”
Built in 2005, The Loop is 99% leased. The retail center has 43 tenants, including CVS, Kohl’s, Michaels Stores, Petco, Regal Cinemas and The Sports Authority. HFF brokered the sale.
“The Loop is one of Florida’s most successful retail destinations” says Danny Finkle, a senior managing director at HFF. “The combination of location, design, and tenant performance made The Loop one of the highest quality retail investment opportunities in the Southeast.”
Loop West, a 295,100-square-foot retail center in Kissimmee, FL, sold in January. O’Connor Capital Partners sold the retail property free and clear of debt to an affiliate of North American Development Group.