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W.P. Carey pays $23.3M for high profile corners on I-Drive tourism corridor

W.P. Carey pays $23.3M for high profile corners on I-Drive tourism corridor
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."

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.

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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