Tupperware HQ Sells for $43M by Institutional Property Advisors
KISSIMMEE, Fla., Apr. 26, 2021 – Institutional Property Advisors (IPA) a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Tupperware Brands Corporate Headquarters, located in Kissimmee, Florida. The HQ campus is situated on 43 acres and is 100% triple-net leased to Tupperware Brands. The property sold for $43 million.
“Tupperware Brands has been a fixture in Kissimmee, Florida since it relocated its headquarters in 1951.” said Douglas K. Mandel, IPA executive managing director. “At one time, Tupperware owned over 1,000 acres and was considered one of the largest landowners in Florida. In 2020, Tupperware Brands executed a new 11-year lease with options enabling them to remain on the campus for up to 25 years, further demonstrating their commitment to the local community, “continued Mandel.
Mandel along with Barry M. Wolfe, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, New York-based O’Connor Capital Partners. “The land surrounding the campus is now being further developed by O’Connor with the goal of creating a mixed-use environment with amenities and services that provide a state-of-the-art corporate experience,” added Mandel. Mandel and Wolfe also procured the buyer, a Dallas-based investor. “This sale is further evidence of the strength of the single-tenant market. Both private-party and institutional investors continue to favor the single-tenant asset class, with assets in Florida drawing particularly strong interest,” said Wolfe.
O’Connor is in advanced planning for a mix of residential, medical office, and retail offerings on the adjacent parcels in a further expansion of its presence in the area which began in partnership with Tupperware almost 20 years ago.
The eight-building, 43-acre campus is located on Orange Blossom Trail, just west of the Florida Turnpike. Downtown Kissimmee and Orlando are four and 20 miles away, respectively. Walt Disney World Resort, Universal Studios Orlando and SeaWorld Orlando are within a short drive and Orlando International Airport is 10 miles away. The Mall of Millenia and the Florida Mall, two of the country’s best- performing malls are within a 30-minute drive.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About O’Connor Capital Partners
O’Connor Capital Partners is a family owned real estate private equity and development firm with over $6.5 billion in assets under management including over 30 million feet of retail, office, and industrial space and over 15,000 apartments. The company is based in New York City with regional offices in Palm Beach, FL and Mexico City.