Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the acquisition of a two-building, 133,000 square-foot office complex leased to Hilton Resorts Corporation in Orlando, Florida. The property is located in the Metrowest submarket.
Both buildings are under a long-term lease, with over eight years remaining on the term, which provides for annual lease payment escalations. The total purchase price was approximately $14.6 million.
John P. Albright, President and Chief Executive Officer of the Company stated, “This is our first acquisition of a single-tenant office building and continues our strategy of growing our single-tenant portfolio with diversity in property types and credits.” Mr. Albright also noted, “This marks our sixth property acquisition of 2013, and brings our single-tenant portfolio to a total of 38 properties across seven states.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 11,000 acres in the Daytona Beach area. Visit our website at
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