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Consolidated Tomoka Acquires Single-Tenant Property Leased to Hobby Lobby in Winston-Salem, NC for $8.1 Million

1136 Days ago

DAYTONA BEACH, Fla., May 16, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the purchase of an approximately 55,000 square foot building on 7.60 acres in Winston-Salem, NC (the “Property”) under a long-term lease to Hobby Lobby Stores Inc., for approximately $8.1 million, or $147 per square foot. The Property is situated in a major retail corridor in Winston-Salem and has approximately 11 years remaining on the current lease with Hobby Lobby that includes rental escalations. The initial cap rate was in the mid-point range of the Company’s 2019 guidance. A portion of the purchase price was funded utilizing proceeds from the Company’s previously-announced land sales via a like-kind exchange.

About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 2.3 million square feet of income properties in diversified markets in the United States, as well as over 5,300 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.

We encourage you to review our most recent investor presentations which are available on our website at www.ctlc.com.


Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof are intended to identify certain of such forward-looking statements, which speak only as of the dates on which they were made, although not all forward-looking statements contain such words. Although forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include the completion of 1031 exchange transactions, the availability of investment properties that meet the Company’s investment goals and criteria, the modification of terms of certain land sales agreements, uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the Securities and Exchange Commission. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

Contact:   Mark E. Patten, Sr. Vice President and CFO
Phone:   (386) 944-5643
Facsimile:   (386) 274-1223

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