Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced the completion of the sale of approximately 3.4 acres to
RaceTrac Petroleum, Inc. (“RaceTrac”) for approximately $1.3 million, or
approximately $382,000 per acre. The parcel sold to RaceTrac is part of
Williamson Crossing, an approximately 23-acre, commercial development
located at the southeast corner of Williamson and LPGA Boulevards in
Daytona Beach. RaceTrac is the first occupant for the Williamson
Crossing site.
In connection with the transaction, the Company agreed to reimburse
RaceTrac up to $976,500 over the next five years for road improvements
and the other costs associated with bringing multiple ingress/egress
points to the entire Williamson Crossing site. The Company anticipates
that all or a portion of these reimbursable costs will be shared by
other owners as parcels in the Williamson Crossing development are sold
and additional businesses locate to the site.
John P. Albright, President and Chief Executive Officer of the Company
stated, “We are pleased with this sale, as it opens up further
development of this 23-acre corner.” Mr. Albright also noted that, “We
are encouraged by the interest and activity we are experiencing on our
land holdings, primarily in the area of the I-95 and LPGA Boulevard
interchange, and look forward to building on this momentum.”
Among the opportunities the Company intends to pursue for the remainder
of 2013 and beyond are:
-
Closing on the sale of approximately 6.2 acres of commercial land west
of I-95, by year end, which is currently under contract.
-
Closing on the sale of an approximately 2 acre pad site on LPGA
Boulevard, east of I-95, by year end, which is currently under
contract.
-
Scheduled a foreclosure sale on approximately 600 acres of residential
land, adjacent to Bayberry Colony, west of I-95, relating to the
Company’s accrued claim of approximately $4.7 million for unreimbursed
road work, as a result of a favorable decision by the Florida District
Court of Appeals, Fifth District.
The foregoing transactions are subject to, among other things, the
satisfaction of customary closing conditions and other contingencies,
and there can be no assurance that any of these transactions will close
on the terms or in the time frame anticipated, or at all.
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income investments in
diversified markets in the United States, as well as over 10,000 acres
of land in the Daytona Beach area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. Forward-looking statements are made based
upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company. There can be
no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on
the Company will be those anticipated by management.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20131206005753r1&sid=ntxv4&distro=nx)
Copyright Business Wire 2013