Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced recent transactions in its income property portfolio. The Company has sold its property in Asheville, North Carolina, leased to Northern Tool & Equipment Company, and its property in Powder Springs, Georgia, leased to Walgreen Co., for total proceeds of approximately $8.0 million. Part of the proceeds from the sale of the properties will be used to complete the final step in the Company’s funding of the April 2012 purchase of the 14,280 square-foot property leased to Walgreen Co. in Boulder, Colorado, with the remaining proceeds reserved for reinvestment through the Section 1031 tax-deferred exchange process.
John P. Albright, President and Chief Executive Officer of the Company, stated, “The disposition of these two properties and the completion of the acquisition of the Boulder property furthers our ongoing plan to recycle capital from our non-core properties into assets with longer lease durations in stronger and more 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 throughout the United States. 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.