Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today
announced the sale of approximately 21 acres of land located along the
east side of Williamson Boulevard across from Indigo Lakes, in Daytona
Beach, Florida. The sales price was $625,000, or approximately $29,800
per acre, resulting in an estimated gain of approximately $545,000. As
part of the transaction, the Company also agreed to sell a specified
amount of mitigation credits for approximately $389,000. The Company
plans on reinvesting the sales proceeds utilizing a 1031 like-kind
exchange.
John P. Albright, President and Chief Executive Officer of the Company
stated, “We are pleased to close on this transaction, our third land
sale of 2014. This stand-alone parcel presents certain issues for
development involving wetlands mitigation requirements that the buyer, a
local office developer, purchased credits from us to address. This
transaction further evidences the continuing increase in economic
development we are seeing in the Daytona Beach area.”
The Company currently has four executed purchase and sale agreements to
sell land to four different buyers. In aggregate, these agreements
represent the potential sale of more than 15% of the Company’s remaining
land holdings with potential sales proceeds totaling approximately $45
million. One of the four transactions represents the significant
majority of the acreage of the total potential sales and that land is
located west of Interstate 95. Estimated closing dates range from the
second quarter of 2015 to the second quarter of 2016. Given the stages
of due diligence of each of these transactions there can be no
assurances regarding the likelihood or timing of any one of these
potential land transactions being completed or the final terms,
including the sales price.
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