Tampa-based developer Wagner Property Group paid $3.05 million on Wednesday for its first retail property in Winter Park, with plans to demolish and build anew for a financial services client.
Located at 633 N. Orlando Ave., the 0.8-acre parcel lies directly west of the Winter Park Village shopping center and has been the long-time home to Raindancer car wash.
The off-market sale, which registered nearly $88 per square foot, was pursued last year by Wagner after learning of the property off-hand from Scott Taylor of Florida Premier Realty Group, while discussing other sites in the market.
Taylor represented land owner Clara F. Fredrick, whose family has owned the site since 1979. Fredrick embraced the unsolicited offer and plans to reinvest locally to fulfill a 1031 exchange opportunity, which Taylor is leading now with a shortlist of target properties, he told GrowthSpotter on Wednesday.
Wagner will redevelop the site with a one-story, 6,000-square-foot financial services office for Charles Schwab, according to city staff.
The car wash is expected to close in late February, with an order to vacate within 30 days of the sale.
"Winter Park is a great area and we're excited to own our first property there," Wagner's vice president Sarah Liakos told GrowthSpotter. "There are lots of new and tenured high-credit national retailers in the immediate trade area."
Wagner invests in income-producing CRE properties and develops build-to-suit and ground lease options for national retail clients.
The developer has had a master plan approved by city staff, and has filed a demolition permit application. Winter Park won't grant a demo permit until tenants vacate a commercial property.
Liakos anticipates the property will be cleared and new building under construction by July of this year
This would be Wagner's second retail development in the Greater Orlando market, following a site in Leesburg the company is working on now, Liakos said.