Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced the acquisition of a 25,600 square-foot building situated on 2.40 acres in Germantown, Maryland. The building is located within the Milestone Center, an approximately 860,000 square-foot retail shopping center anchored by Target, Wal-Mart and The Home Depot and across the street from a 103,000 square-foot retail shopping center anchored by Giant Food Stores, LLC.
The building, a former Borders Books, was recently converted and leased to Big Lots Stores, Inc. for an initial term of 10 years, commencing July 2013.
John P. Albright, President and Chief Executive Officer of the Company stated, “This acquisition represents our entry into the Northeast U.S. and the Washington, D.C. MSA and brings our total investments in 2013 to approximately $55.0 million.” Mr. Albright also noted, “We are continuing to pursue acquisitions of additional income producing assets that will further grow and diversify our investment portfolio.”
About Consolidated-Tomoka Land Co.Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States, as well as over 10,000 acres of land in the Daytona Beach area. 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.