DAYTONA BEACH, FL--(BUSINESS WIRE)--Consolidated-Tomoka Land Co. (NYSE Amex: CTO), a publicly traded real estate company, announced today that it closed on a land purchase at year-end of three parcels approximating 17 acres from Halifax Hospital Medical Center (top left photo) for a sales price of $3,245,537.
The three Daytona Beach parcels are located on the south side of LPGA Boulevard, between Clyde Morris and Williamson Boulevards.
Halifax Hospital Medical Center previously purchased the property from Consolidated Tomoka in 2003 but elected not to go forward with its plans for a new hospital.
John P. Albright, President and Chief Executive Officer stated, “This closing finalizes the repurchase of the last parcels from Halifax under a re-purchase agreement signed in 2009, while satisfying the Section 1033 exchange reinvestment requirement.
“Consistent with our ongoing business plan, the Company is actively identifying reinvestment opportunities through the Section 1031 tax-deferred exchange process to convert the proceeds from this sale into an income-producing property.”
The Company also announced the closing at year-end of a sale of the vacant former Barnes & Noble store (middle right photo) in Lakeland, Florida, for $2.9 million.
Mr. Albright stated, “Consistent with our ongoing business plan, the Company is actively identifying reinvestment opportunities through the Section 1031 tax-deferred exchange process to convert the proceeds from this sale into an income-producing property.”
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of Section 1031 tax-deferred exchanges.
Visit our website at http://www.ctlc.com/.
Contacts
Consolidated-Tomoka Land Co.
Bruce W. Teeters, 386-274-2202
Sr. Vice President
Facsimile: 386-274-1223
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