DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced that the Company has entered into a 10-year lease with Teledyne ODI (“Teledyne”) for 15,360 square feet at Williamson Business Park. The Company completed the development of Williamson Business Park, a two-building 30,720 square foot flex office property, in June 2014. Teledyne will occupy one of the buildings in its entirety. Upon commencement of the Teledyne lease, Williamson Business Park will be 75% occupied with approximately 7,660 square feet available for lease. Dick McNerney of Adams, Cameron & Co. represented the Company as the leasing agent for the lease. Lamar Advertising Co. leases the other 7,700 square feet under a long-term lease.
The Company also announced today that the State of Florida Department of Revenue (“DOR”) has expanded its lease to encompass 20,746 square feet from its original 18,853 square feet in the Mason Commerce Center. The DOR has also extended the term of the lease by an additional five years. DOR will now occupy approximately 67% of Mason Commerce Center, which is now 100% leased.
John P. Albright, President and Chief Executive Officer of the Company, stated, “We are pleased to have Teledyne as a tenant at Williamson Business Park as they continue their growth in Daytona Beach and to have the DOR expand and extend their lease.” He also noted, “These leases continue to demonstrate the positive trajectory of Daytona Beach as a location for corporations to continue to expand.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income properties and loan investments in diversified markets in the United States, and over 10,500 acres of land in the Daytona Beach, Florida 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.