Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced the acquisition of a 23,329 square-foot property situated on
2.46 acres in Glendale, Arizona (the “Property”) for approximately $8.6
million. The Property is leased to The Container Store with a term of
approximately 15 years having commenced in February 2015, with rent
increases every 5 years. The acquisition transaction is expected to be
part of a 1031 like-kind exchange.
The Property, formerly a vacated Disney retail location, is an outparcel
to the 1.2 million square foot Arrowhead Towne Center, which is owned
and managed by Macerich.
In a separate transaction, the Company’s approximately $6.2 million
first mortgage loan to the developer of the Property, which would have
matured in November 2015, was paid off by the borrower at par.
John P. Albright, President and Chief Executive Officer of the Company
stated, “We are pleased to have acquired our second property in
Glendale, Arizona, both of which are outparcels at the successful
Arrowhead Town Center.” Mr. Albright noted, “This investment is our
first acquisition of an income property in 2015 and represents the
successful utilization of our strategy of investing in commercial loans,
providing good risk-adjusted yields, enabling us to convert that
investment into an income property acquisition at a favorable yield. The
initial yield for the acquisition of the income property is above the
mid-point of our 2015 investment guidance.”
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.
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