Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the acquisition of a two-building, 133,000 square-foot office complex leased to Hilton Resorts Corporation in Orlando, Florida. The property is located in the Metrowest submarket.
Both buildings are under a long-term lease, with over eight years remaining on the term, which provides for annual lease payment escalations. The total purchase price was approximately $14.6 million.
John P. Albright, President and Chief Executive Officer of the Company stated, “This is our first acquisition of a single-tenant office building and continues our strategy of growing our single-tenant portfolio with diversity in property types and credits.” Mr. Albright also noted, “This marks our sixth property acquisition of 2013, and brings our single-tenant portfolio to a total of 38 properties across seven states.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) 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 11,000 acres 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.