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Net lease REIT W.P. Carey paid $20 million this week for the Walgreen's store at the corner of International Drive and W. Sand Lake Road.
Net lease REIT W.P. Carey paid $20 million this week for the Walgreen's store at the corner of International Drive and W. Sand Lake Road. (Orange County Property Appraiser)

Net lease investment REIT W. P. Carey exercised a 5-year-old option agreement this week and closed on two key International Drive retail properties for a combined $23.3 million.

Unicorp National Developments sold the Walgreens store at the corner of I-Drive and Sand Lake Road for $20 million.

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"They were our original lender," Unicorp CEO Chuck Whittall told GrowthSpotter. "We negotiated the purchase option and price at the time of the sale."

Nunziatas sell Walgreens-leased 1st floor of Downtown Orlando bldg for $6.18M

Insight on what kind of profit the brothers and co-CEOs of FBC Mortgage have turned on the property after just three years.

He said the price -- nearly double the sale price for a Walgreens in Winter Park -- was reflective of location and income stream. "That store does very well," Whittall said. "It's a great location at a great intersection. It's really one of a kind."

WPC also exercised its option with Unicorp to buy back the Wawa fuel station and convenience store at the corner of I-Drive and Universal Boulevard for $3.3 million.

CVS closes lease deal for Ming Court land on I-Drive, near Pointe Orlando

Details from the land owner on what prompted the family to give up their restaurant, and when change will come to the site.

The firm's portfolio encompasses more than 1,100 net lease properties with an estimated value of $17 billion. WPC issued the $72.5 million note in 2013 for the construction of I-Shops Orlando to Unicorp and co-developer Flag Luxury, which also owns the Icon Orlando.

The Walgreens was completed in 2014, while the Wawa was finished a year later.

WPC is also one of the nation's largest investors in the self-storage sector. The trust has purchased several Orlando-area properties through its nontraded, managed REITs.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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