Consolidated-Tomoka Land Co. (NYSE Amex: CTO), a publicly traded real estate company, announced today that it closed on a land purchase at year-end of three parcels approximating 17 acres from Halifax Hospital Medical Center for a sales price of $3,245,537. The three Daytona Beach parcels are located on the south side of LPGA Boulevard, between Clyde Morris and Williamson Boulevards. Halifax Hospital Medical Center previously purchased the property from Consolidated Tomoka in 2003 but elected not to go forward with its plans for a new hospital. John P. Albright, President and Chief Executive Officer stated, “This closing finalizes the repurchase of the last parcels from Halifax under a re-purchase agreement signed in 2009, while satisfying the Section 1033 exchange reinvestment requirement.”
The Company also announced the closing at year-end of a sale of the vacant former Barnes & Noble store in Lakeland, Florida, for $2.9 million. Mr. Albright stated, “Consistent with our ongoing business plan, the Company is actively identifying reinvestment opportunities through the Section 1031 tax-deferred exchange process to convert the proceeds from this sale into an income-producing property.”
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of Section 1031 tax-deferred exchanges. 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.