Consolidated-Tomoka (CTO) Sells Single-Tenant Income Property Portfolio in $51.6M Deal
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Consolidated-Tomoka Land (NYSE: CTO) announced the completion of its previously-announced disposition of a portfolio of fourteen single-tenant income properties, which includes the Company’s nine Bank of America financial centers in Orange County, CA (the “Portfolio Sale”). The sales price for the Portfolio Sale was approximately $51.6 million, which price included the buyer’s assumption of the Company’s existing $23.1 million mortgage loan secured by the fourteen properties. The Portfolio Sale resulted in an estimated gain of approximately $11.1 million, or approximately $1.20 per share, after tax. The proceeds from the transaction are expected to be used for the recently reported Bloomin’ Brands, Inc. sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.
John P. Albright, President and Chief Executive Officer of the Company stated, “We are pleased to complete the disposition of this portfolio below a 5.00% cap rate, which is better than the disposition guidance given, while also harvesting significant value.” Mr. Albright further noted, “The sale of this portfolio and its sizable gain unlocks value that we anticipate will be accretively reinvested at higher average yields.”
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