DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced two recent transactions in its income property portfolio. The Company has sold its property in Alpharetta, Georgia, leased to PNC Bank, for total proceeds of approximately $3.55 million and its property in Clermont, Florida, leased to CVS, for total proceeds of approximately $4.05 million. The proceeds from the sale of these properties will be used to complete an IRC Section 1031 exchange for the five properties acquired in December 2012 and leased to Bank of America, N.A. in Orange County, California.
John P. Albright, President and Chief Executive Officer of the Company, stated, “The disposition of these two properties 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. (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 www.ctlc.com.
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.