CBRE Arranges Sale of Old Town Kissimmee Entertainment District to Emma VIII, LLC
CBRE has arranged the sale of Old Town Kissimmee, a retail and entertainment district in Central Florida, to Emma VIII, LLC. The transaction closed Sept. 16, 2026, at a price of approximately $24.4 million. Mac Downing of Largo Capital arranged mortgage financing through ConnectOne Bank.
Sale of Old Town Kissimmee: Deal Details
CBRE's Daniel Baker, Rick Warner and Chip Warner represented the seller. Emma VIII, LLC, an affiliate of Orlando-based RS Equity Services, acquired the property at 5770 W. Irlo Bronson Memorial Highway in Kissimmee, Florida.
Laura Walda and Shawn Rader of Lowndes served as legal counsel to the seller. John Di Masi of Di Masi Burton PA served as legal counsel to the buyer. Mac Downing of Largo Capital provided mortgage financing through ConnectOne Bank.
Property Overview
Old Town Kissimmee sits on approximately 23.6 acres along the U.S. 192 tourism corridor. The district combines retail, dining and entertainment uses in a walkable setting inspired by an early 20th century downtown. Developed in 1986, it is adjacent to Fun Spot America Kissimmee and is known for recurring classic car events, live entertainment and a Ferris wheel with custom light displays.
The property includes more than 70 businesses, shops, restaurants, attractions and entertainment venues, including national and regional brands. CBRE said the property has undergone significant renovations and expansion in recent years, has historically maintained high tenant demand and was approximately 95% occupied at the time of sale. A 2019 renovation added an approximately 86-foot Ferris wheel.
"Old Town is one of Central Florida's most recognizable entertainment destinations, with a proven ability to attract both tourists and local residents," said Baker, First Vice President with CBRE. "Its long operating history, strong tenant demand and continued investment by ownership created significant interest from investors seeking a well-established asset with a differentiated position along the U.S. 192 tourism corridor."
Buyer's Plans for the Kissimmee Retail Destination
The buyer plans to invest in property enhancements and programming initiatives to strengthen Old Town's position as an entertainment destination while maintaining the character and traditions that have made it a Central Florida landmark for nearly four decades.
Orlando Retail Market Context
The sale comes as Orlando-area retail fundamentals remain firm. Cushman & Wakefield's first-quarter 2026 market report put Orlando retail vacancy below 4%, with average asking rents at $31.29 per square foot, up 5.1% year over year. The Tourist Corridor and 436 Corridor led the region in trailing 12-month absorption, with approximately 300,000 square feet combined.
Orlando retail investment volume reached nearly $1.5 billion over the prior 12 months, up 4.8% year over year. Retail cap rates in the market were generally in the 5.0% to 7.0% range in the first quarter of 2026, compared with a national average of 7.3%. Another 2026 forecast placed Kissimmee-area neighborhood retail cap rates around the mid-6% to 7% range, with pricing varying by tenant credit, lease duration, location and asset quality.
Orlando receives approximately 75 million tourists annually and has a regional population of roughly 3.3 million.
Outlook
Old Town Kissimmee's mix of retail, dining and entertainment, along with its location near major Orlando attractions, places it in the experiential retail category rather than that of a conventional neighborhood shopping center. The buyer's stated plans center on improvements and programming while preserving the property's established identity.