Consolidated Tomoka Announces Successful Foreclosure on Approximately 600 Acres
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced that its approximately $4.7 million claim for un-reimbursed road costs and accrued interest, which was subject to a judgment from 2012, has been satisfied through the successful foreclosure of approximately 600 acres of land. The Company originally sold the land to a residential developer in 2004. The Company believes that the property’s proximity to the Company’s LPGA International golf club, the USTA’s tennis facility, Champion Elementary School, and I-95 and I-4 makes the property attractive as a residential community development.
John P. Albright, President and Chief Executive Officer of the Company, stated, “We are pleased to have finally achieved a successful outcome from the four years of litigation and excited to offer this parcel for development. The residential market is active and we expect that many developers will be interested in purchasing this land for residential development.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 10,000 acres of land in the Daytona Beach 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.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643, Facsimile: 386-274-1223
Sr. Vice President & Chief Financial Officer
Source: Consolidated-Tomoka Land Co.