Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today announced it funded a two-step transaction to acquire a 14,280 square-foot Walgreens store in Boulder, Colorado, in the amount of $7.4 million. The Company is acquiring this property in part through investment of proceeds from the December 2011 sale of the Barnes & Noble property in Lakeland, Florida. The completion of this transaction is anticipated to occur during second quarter 2012.
This property is leased to Walgreen Co. for an initial term of over 20 years.
John P. Albright, President and Chief Executive Officer of the Company stated, “The acquisition of this property is part of our continuing focus of executing our business plan of acquiring high quality income properties in diversified markets."
About Consolidated-Tomoka Land Co.Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 11,000 acres in the Daytona Beach area as well as a portfolio of income properties in diversified markets. 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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