Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the sale of approximately 16 acres of land to P&S Paving, Inc. at a purchase price of approximately $600,000. This is an expansion by P&S Paving at its present location.
John P. Albright, President and Chief Executive Officer of the Company, stated, “We are pleased to provide the land to P & S Paving for its continued growth.” Mr. Albright further stated, “The proceeds from the sale will be reserved for reinvestment through the Section 1031 tax-deferred exchange process to be converted into an income producing property.”
This property is within approximately 900 acres of land with easy, convenient access to the I-95 interchange and I-4 and offers a wide range of industrial uses. This area includes a number of established businesses, such as Florida Auto Auction, Prestige Concrete, Florida Rock, and Volusia County School Board’s Maintenance Facility.
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.