Consolidated Tomoka Announces New Lease and Flex/Office Development
DAYTONA BEACH, Fla. -- September 6, 2013
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced
the signing of a new ten-year lease with Lamar Advertising Co. for
approximately 7,700 square feet of flex/office space and the commencement of
the second development phase of its Mason Commerce Center, a flex/office
development located in the Gateway Center at the intersection of Mason Avenue
and Williamson Boulevard in Daytona Beach, Florida. When completed, the Mason
Commerce Center development will consist of two buildings, each with
approximately 15,360 square-feet of leasable flex/office space, and will be
anchored by the ten-year lease with Lamar Advertising Co.
The Company expects the two buildings, totaling approximately 30,720 square
feet and on approximately 4.15 acres, to be available for occupancy in the
second quarter of 2014. The Company intends to make the entire remaining
building, comprising approximately 15,360 square feet of flex/office space,
available for lease or purchase by a single tenant.
John P. Albright, president and chief executive officer, stated, “We are
pleased to kick off a new flex/office development to accommodate the growth
needs of this national advertising company, and look forward to bringing other
tenants to the Gateway Center business park.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate
company, which owns a portfolio of income properties in diversified markets in
the United States, as well as over 10,000 acres of land in the Daytona Beach
area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of
historical fact) are forward-looking statements. The words “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,”
“should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar
expressions and variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were made.
Forward-looking statements are made based upon management’s expectations and
beliefs concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management’s expectations or that the effect of future
developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President and CFO
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