Consolidated-Tomoka (CTO) Sells Single-Tenant Income Property Portfolio in $51.6M Deal
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Consolidated Tomoka Announces Disposition of Fourteen-Property Income Portfolio for $51.6 Million
September 19, 2016 9:20 AM EDTDAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the Company) today announced the completion of its previously-announced disposition of a portfolio of fourteen single-tenant income properties, which includes the Companys 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 buyers assumption of the Companys 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.... More
