Consolidated Tomoka Reports $0.5 Million Land Sale on LPGA Boulevard and Purchase of a Vacant Outparcel at the Grove at Winter Park
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today announced the sale of approximately 3.0 acres of land located on the south side of LPGA Boulevard, just east of Clyde Morris Boulevard, at a sales price of approximately $0.5 million, or approximately $167,000 per acre. In addition to the land sale, the Company purchased a 0.71 acre vacant outparcel located at The Grove at Winter Park in Winter Park, FL for approximately $0.4 million.
John P. Albright, President and Chief Executive Officer of the Company stated, “We are pleased to have sold this small parcel of land to a medical group which plans to build a medical office property on LPGA Boulevard near the Clyde Morris Boulevard intersection. This will continue the activity and appeal of the LPGA Boulevard corridor in Daytona Beach, FL.” Mr. Albright also noted, “The purchase of the vacant outparcel allows us to recapture this prime site fronting along Aloma Avenue at the Grove at Winter Park property. We plan to offer this pad site for lease after we have secured an anchor tenant for this repositioned center.”
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.
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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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Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
Fax: 386-274-1223
mpatten@ctlc.com
Source: Consolidated-Tomoka Land Co.