Consolidated-Tomoka Land (CTO) Sells ~17 Acres in $3M Deal

October 14, 2016 9:23 AM EDT

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Consolidated-Tomoka Land Co. (NYSE: CTO) announced the sale of approximately 17 acres of land at a sales price of approximately $3.0 million, or approximately $174,000 per acre, resulting in an estimated gain at closing of approximately $2.7 million, or approximately $0.29 per share after tax. The land is located on the west side of Interstate 95 on Tomoka Farms Road just south of the soon to open CarMax dealership.

The proceeds from the transaction are expected to be used in the future as part of one or more Section 1031 like-kind exchange transactions.

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