Consolidated Tomoka Acquires Big Lots Store in Germantown, Maryland
DAYTONA BEACH, Fla. -- September 16, 2013
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced
the acquisition of a 25,600 square-foot building situated on 2.40 acres in
Germantown, Maryland. The building is located within the Milestone Center, an
approximately 860,000 square-foot retail shopping center anchored by Target,
Wal-Mart and The Home Depot and across the street from a 103,000 square-foot
retail shopping center anchored by Giant Food Stores, LLC.
The building, a former Borders Books, was recently converted and leased to Big
Lots Stores, Inc. for an initial term of 10 years, commencing July 2013.
John P. Albright, President and Chief Executive Officer of the Company stated,
“This acquisition represents our entry into the Northeast U.S. and the
Washington, D.C. MSA and brings our total investments in 2013 to approximately
$55.0 million.” Mr. Albright also noted, “We are continuing to pursue
acquisitions of additional income producing assets that will further grow and
diversify our investment portfolio.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate
company, which owns a portfolio of income investments 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; fax, 386-274-1223
Sr. Vice President & Chief Financial Officer
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