Consolidated Tomoka Announces Sale of Property Subject to Ground Lease With Wawa in Winter Park, Florida for $2.8 Million
CTO Realty Growth, Inc. (CTO)
NASDAQ:AMEX Investor Relations:
ir.ctlc.com
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Source: GlobeNewswire
DAYTONA BEACH, Fla., Aug. 07, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the sale of its 1.56-acre outparcel that is subject to a ground lease with Wawa located in Winter Park, Florida for approximately $2.8 million (the “Wawa Sale”). The property is an outparcel to the Grove at Winter Park, the multi-tenant retail center the Company redeveloped and sold in May 2019. The estimated gain from the Wawa Sale totaled approximately $2.1 million, or approximately $0.33 per share, after tax. The sale price of the Wawa Sale represents a 4.50% cap rate. The Company intends to reinvest the proceeds from the Wawa Sale through the 1031 like-kind exchange structure. The Wawa Sale completes the Company’s exit of its investment in the Grove at Winter Park, located at Aloma Avenue and Howell Branch Road in Winter Park, FL. The Company originally purchased the 112,000 square foot center in December 2014. As part of the approximate
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CTO
Earnings
- 5/2/24 - Beat
CTO
Sec Filings
- 5/2/24 - Form 10-Q
- 5/2/24 - Form 8-K
- 4/29/24 - Form ARS
- CTO's page on the SEC website