Consolidated-Tomoka Land (CTO) Announces $14.9M Acquisition of Triple Net Lease Property Portfolio
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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.”
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