Consolidated-Tomoka Land (CTO) Announces $14.9M Acquisition of Triple Net Lease Property Portfolio
- Donald Trump Sworn in as 45th U.S. President
- U.S. stocks pare gains after Trump's inaugural speech
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Herbalife (HLF) Says SEC Requested Documents on Anti-Corruption Compliance in China; Reviewed with DoJ
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Consolidated-Tomoka Land Co. (NYSE: CTO) announced the acquisition of four single-tenant triple net lease properties in a sale-leaseback transaction with Bloomin’ Brands, Inc. (the “Portfolio”) for approximately $14.9 million. The Portfolio includes three restaurant properties that operate as Outback Steakhouses, located in Austin, Texas, Charlotte, North Carolina, and Charlottesville, Virginia, and another property that operates as a Carrabba’s Italian Grill, also located in Austin, Texas. The newly originated absolute triple-net leases, which include a corporate guaranty, each have an initial term of 15 years and include annual rent increases. This acquisition completed the 1031 like-kind exchange utilizing the remaining proceeds from the Company’s recent disposition of the property in Lexington, North Carolina, that was leased to Lowe’s and is also expected to be a part of the like-kind exchange utilizing proceeds from the anticipated closing of the disposition of fourteen properties previously announced by the Company.
John P. Albright, President and Chief Executive Officer of the Company stated, “Although the initial yield is below our cap rate guidance, this portfolio represents strong performing units in both attractive demographic areas and major retail corridors.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tucows (TCX) to Acquire eNom from Rightside (NAME) for $83.5M
- Wix.com (WIX) to Acquire flok
- Atmos Energy (ATO) Appoints Christopher Forsythe to CFO
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!