Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced the acquisition of a 52,665 square-foot building situated on
6.82 acres in Daytona Beach, FL for approximately $5.3 million. The
building is leased to American Signature, Inc. with a remaining term of
approximately 6 years and is located within an approximately 250,000
square-foot retail shopping center (“Shopping Center”) anchored by Best
Buy, PetSmart and Barnes & Noble. The Company owns the property leased
to Barnes & Noble.
The Shopping Center is adjacent to the recently announced 1.1 million
square foot One Daytona mixed use development project (“One Daytona”).
One Daytona has announced Bass Pro Shops, Cobb Theatres and a Marriott
hotel as anchors for the project. Additionally, the Shopping Center is
across the street from the Daytona International Speedway. The speedway
is currently undergoing a major renovation that is scheduled to be
completed in early 2016.
John P. Albright, President and Chief Executive Officer of the Company
stated, “This acquisition, in the same center as our Barnes & Noble
lease property, represented an opportunity for us to purchase a higher
yielding investment at an attractive basis in an area that is undergoing
a massive transformation by the International Speedway Corporation.” Mr.
Albright also noted, “Including this acquisition, our total committed
investment activity for 2014 is approximately $40 million.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income properties and loan
investments in diversified markets in the United States, and over 10,500
acres of land in the Daytona Beach, Florida 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 2014