Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today
announced the acquisition of the Winter Park Palms retail center located
on Aloma Avenue and Howell Branch Road in Winter Park, FL for
approximately $3.1 million. The acquisition of the approximately 112,000
square foot retail center was partially funded through a Section 1031
like kind exchange related to the September 2014 sale of 20 acres of
undeveloped land in Daytona Beach, FL.
The Company was attracted to this investment because the purchase price
reflected a significant discount to replacement cost and is located in
an infill urban location with over 14 acres of land. The property has
approximately 1,000 feet of frontage along Aloma Avenue at two lighted
intersections, with traffic counts of over 39,000 vehicles per day.
Additionally, the immediate area is experiencing significant new
residential home construction by three national home builders, in three
separate communities, with housing prices ranging from $300,000 to
$500,000.
The center was originally anchored by Publix and Walgreens who vacated
several years ago. The current occupancy of the center is 67% all under
short-term leases giving the Company flexibility to begin the
re-tenanting process immediately. The Company has engaged CBRE to lead
the efforts through leasing and management of the center.
John P. Albright, President and Chief Executive Officer of the Company,
stated, “This transaction offers CTO an opportunity to purchase a strong
infill asset at below replacement cost with the potential to earn a
compelling risk adjusted yield.”
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 2015