Consolidated Tomoka Announces Closing of $3.0 Million Land Sale
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 closing of the sale of approximately 12.6 acres (the “2019 NADG Land Sale”), for approximately $3.0 million, or approximately $239,000 per acre, to an affiliate of North American Development Group (“NADG”). The land parcel is located on the east side of Interstate 95 between the Tanger Outlet Mall and the nearly completed Sam’s Club, which is slated to open in the summer of 2019, and is also located in an opportunity zone. This is the Company’s final land parcel located in the Tomoka Town Center. The estimated gain on the 2019 NADG Land Sale is approximately $2.0 million, or approximately $0.29 per share, after tax. The Company intends to reinvest the proceeds from the 2019 NADG Land Sale utilizing the 1031 like-kind exchange structure. About Consolidated-Tomoka Land Co.Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estat
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