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Stock impact report

Consolidated Tomoka Acquires Single-Tenant Property Leased to Hobby Lobby in Winston-Salem, NC for $8.1 Million

CTO Realty Growth, Inc. (CTO) 
NASDAQ:AMEX Investor Relations: ir.ctlc.com
Company Research Source: GlobeNewswire
DAYTONA BEACH, Fla., May 16, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the purchase of an approximately 55,000 square foot building on 7.60 acres in Winston-Salem, NC (the “Property”) under a long-term lease to Hobby Lobby Stores Inc., for approximately $8.1 million, or $147 per square foot. The Property is situated in a major retail corridor in Winston-Salem and has approximately 11 years remaining on the current lease with Hobby Lobby that includes rental escalations. The initial cap rate was in the mid-point range of the Company’s 2019 guidance. A portion of the purchase price was funded utilizing proceeds from the Company’s previously-announced land sales via a like-kind exchange. About Consolidated-Tomoka Land Co.Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 2.3 million square feet of income properties in diversified markets in the United States, as well as o Show less Read more
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