Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced the disposition of its former Walgreens property in Apopka,
Florida, for total proceeds of approximately $3.1 million. In the second
quarter of 2014 Walgreens ceased operations at this location, but
continues to be bound under a long-term lease. The Company intends to
use the proceeds from this sale as part of a Section 1031 exchange for
the recently-acquired Whole Foods Market Centre located in Sarasota,
Florida. The Company’s estimated loss on the sale is approximately
$420,000 which was recognized in the third quarter.
John P. Albright, President and Chief Executive Officer of the Company,
stated, “The disposition of this property continues our efforts to
upgrade our income portfolio composition by recycling capital into
assets in diversified markets with stronger real estate fundamentals."
Mr. Albright also noted, “The sale of this property was within our
disposition yield guidance disclosed earlier this year.”
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