Metlife Acquires Major Retail Center in Florida Company continues diversifying Real Estate Portfolio
MetLife, Inc. (NYSE: MET) announced that the company has acquired The Loop, a 435,000 square foot outdoor retail center in Kissimmee, Fla. MetLife bought the complex from an institutional client of AEW Capital Management, a global real estate investment management services company.
The Loop is located on nearly 57 acres at the intersection of Osceola Parkway and John Young Parkway, south of Orlando’s central business district. Built in 2005, the property is 99 percent leased and has 43 tenants, including CVS Caremark Corp., Kohl’s Corp., Michaels Stores, Petco, Regal Cinemas and The Sports Authority.
“MetLife is further diversifying its real estate equity holdings by adding a high quality retail outlet such as The Loop to our portfolio,” said 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.”
HFF, a national commercial real estate company, brokered the sale.
“The Loop is one of Florida’s most successful retail destinations” said 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.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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