Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) announced
that is has closed on the sale of approximately 6.23 acres to CarMax for
approximately $1.05 million, or approximately $168,500 per acre. The
parcel sold to CarMax is next to Furniture Row along the West side of
I-95 in Daytona Beach, FL. The Company expects to recognize a loss of
approximately $412,000 related to the sale of this property, which was
reacquired through foreclosure in 2009.
The Company also closed on the sale of 2.01 acres to Intracoastal Bank
for the future construction of a retail bank branch. The land was sold
for approximately $640,000 or $318,000 per acre. This parcel is located
on LPGA Boulevard, East of I-95 in Daytona Beach, FL between the Vince
Carter’s and Wendy’s restaurants. The Company’s estimated gain on the
sale is approximately $581,000.
John P. Albright, President and Chief Executive Officer of the Company
stated, “Along with our previously announced land sale to RaceTrac, we
are delighted with the three recent closings and the continued
commercial interest in our land holdings.” Mr. Albright also noted,
“These transactions highlight the value of our land portfolio.”
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.
Copyright Business Wire 2013