DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT:CTO) announced today that on September 28, 2012 it acquired a 1.5-acre site in Phoenix, Arizona, under a long-term ground lease to a corporately owned Buffalo Wild Wings, for $1.8 million. The Company acquired this property, in part, through the investment of proceeds from the June 2012 sale of vacant land in Daytona Beach, Florida.
This property is leased to Buffalo Wild Wings for an initial term of 15 years with rental rate escalations every 5 years.
John P. Albright, President and Chief Executive Officer of the Company stated, “This acquisition reflects the continued execution of our business plan of acquiring high quality income properties in diversified markets."
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 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.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
Source: Consolidated-Tomoka Land Co.