Consolidated-Tomoka Land (CTO) Acquires 0.91 Acres in Dallas, Texas for Approximately $14.9M
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Consolidated-Tomoka Land Co. (NYSE: CTO) today announced the acquisition of 0.91 acres (the “Property”), located at 2501 N. Field St., Dallas, Texas, for a purchase price of approximately $14.9 million. The Property is leased to CVS Pharmacy (“CVS”), Inc. for an initial term of 25 years and guaranteed by CVS Health Corporation. The Property, located near downtown Dallas and one block from the American Airlines Center, is improved with a 10,340 square foot building which was developed and paid for by CVS. The zoning on the Property allows for potential future development density of approximately 400,000 square feet of commercial space. This acquisition was part of a 1031 like-kind exchange utilizing a portion of the proceeds from the Company’s recent disposition of a portfolio of 14 income properties.
With this transaction, the Company has completed approximately $40.6 million in acquisitions thus far in 2016.
John P. Albright, President and Chief Executive Officer of the Company stated, “The initial yield for this acquisition is below our cap rate guidance, however, the Property is a core infill location in Victory Park, a high growth submarket of uptown Dallas, which is undergoing intensive development of high rise construction which should bode well for higher density redevelopment of this parcel in the future.”
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