Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced that the Company has entered into a 10-year lease with
Teledyne ODI (“Teledyne”) for 15,360 square feet at Williamson Business
Park. The Company completed the development of Williamson Business Park,
a two-building 30,720 square foot flex office property, in June 2014.
Teledyne will occupy one of the buildings in its entirety. Upon
commencement of the Teledyne lease, Williamson Business Park will be 75%
occupied with approximately 7,660 square feet available for lease. Dick
McNerney of Adams, Cameron & Co. represented the Company as the leasing
agent for the lease. Lamar Advertising Co. leases the other 7,700 square
feet under a long-term lease.
The Company also announced today that the State of Florida Department of
Revenue (“DOR”) has expanded its lease to encompass 20,746 square feet
from its original 18,853 square feet in the Mason Commerce Center. The
DOR has also extended the term of the lease by an additional five years.
DOR will now occupy approximately 67% of Mason Commerce Center, which is
now 100% leased.
John P. Albright, President and Chief Executive Officer of the Company,
stated, “We are pleased to have Teledyne as a tenant at Williamson
Business Park as they continue their growth in Daytona Beach and to have
the DOR expand and extend their lease.” He also noted, “These leases
continue to demonstrate the positive trajectory of Daytona Beach as a
location for corporations to continue to expand.”
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