W.P. Cary paid $8 million last week for self-storage facility Heritage Commons, next to Osceola Heritage Park.
Heritage Commons is directly across Fortune Road from land at the park that could be slated for a hotel and cluster of shops and restaurants, according to a conceputal master plan obtained last week by GrowthSpotter.
Flagship Companies completed the 91,400-square-foot building at the corner of US 192 E and Fortune Road in September. Flagship CEO Ted Bolin said the company had planned to open the facility under its Stor-Kwik brand. "During the 12-month construction process we started to receive unsolicited offers from real estate investment firms," he said.
W.P. Cary is the 10th largest owner of self-storage properties in the U.S. and uses Extra Space Storage to manage its 150+ properties.
The $87.52 per square foot exceeds the price of other recent self-storage sales in the Orlando metro area. "A brand new, state-of-the-art facility like the one we built right there is premium because it's at an intersection that gets 52,000 vehicles a day and because other facilities in the area are considered B grade," he said. "It's going to bring top dollar."
Flagship vice president Mark Cooney said the company will break ground in January on the second phase of Heritage Commons. Flagship's Studio U Salon will anchor the 10,800-square-foot building, and the company will open its first "Down Under Charcoal Chicken" restaurant.
Bolin said Flagship developed the fast-casual Down Under concept, featuring free-range, organic chicken cooked over a rotisserie and Australian-style meat pies. "This will be the first location," he said. "The thought is to open this one and get the processes done and tweaked, and then franchise from there. We think there's a void in the market for healthy chicken. Our standard will be different than Boston Chicken."
Flagship is planning another 11,000 square feet of retail in its third phase, which fronts US 192 E. "That's our prime lot out front," Bolin said. "We think it's perfect for something like a Golden Corral or Cracker Barrel. There's a whole stretch between Kissimmee and St. Cloud that doesn't have anything like that."