Consolidated Tomoka Announces Recent Activity
DAYTONA BEACH, Fla. -- December 6, 2013
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced
the completion of the sale of approximately 3.4 acres to RaceTrac Petroleum,
Inc. (“RaceTrac”) for approximately $1.3 million, or approximately $382,000
per acre. The parcel sold to RaceTrac is part of Williamson Crossing, an
approximately 23-acre, commercial development located at the southeast corner
of Williamson and LPGA Boulevards in Daytona Beach. RaceTrac is the first
occupant for the Williamson Crossing site.
In connection with the transaction, the Company agreed to reimburse RaceTrac
up to $976,500 over the next five years for road improvements and the other
costs associated with bringing multiple ingress/egress points to the entire
Williamson Crossing site. The Company anticipates that all or a portion of
these reimbursable costs will be shared by other owners as parcels in the
Williamson Crossing development are sold and additional businesses locate to
John P. Albright, President and Chief Executive Officer of the Company stated,
“We are pleased with this sale, as it opens up further development of this
23-acre corner.” Mr. Albright also noted that, “We are encouraged by the
interest and activity we are experiencing on our land holdings, primarily in
the area of the I-95 and LPGA Boulevard interchange, and look forward to
building on this momentum.”
Among the opportunities the Company intends to pursue for the remainder of
2013 and beyond are:
*Closing on the sale of approximately 6.2 acres of commercial land west of
I-95, by year end, which is currently under contract.
*Closing on the sale of an approximately 2 acre pad site on LPGA Boulevard,
east of I-95, by year end, which is currently under contract.
*Scheduled a foreclosure sale on approximately 600 acres of residential
land, adjacent to Bayberry Colony, west of I-95, relating to the Company’s
accrued claim of approximately $4.7 million for unreimbursed road work, as
a result of a favorable decision by the Florida District Court of Appeals,
The foregoing transactions are subject to, among other things, the
satisfaction of customary closing conditions and other contingencies, and
there can be no assurance that any of these transactions will close on the
terms or in the time frame anticipated, or at all.
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
Sr. Vice President & Chief Financial Officer
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