Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the acquisition of a 34,512 square-foot free-standing building situated on 3.62 acres leased to Big Lots in Glendale, Arizona. The property is an outparcel to the 1.2 million square foot Arrowhead Towne Center, which is owned and managed by Macerich.
This former Ultimate Electronics building has been converted into a Big Lots store with a lease commencing in January 2013 for an initial term of 10 years. The total purchase price was approximately $5.0 million.
John P. Albright, President and Chief Executive Officer of the Company stated, “This acquisition continues our strategy of growing our single-tenant portfolio through diversity of markets and credits. We are pleased to have purchased this outparcel to a Macy’s anchored mall outside of Phoenix." Mr. Albright also noted, “This marks our fifth property acquisition of 2013, and brings our single-tenant portfolio to a total of 36 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.
Mark E. Patten, 386-944-5643, 386-274-1223
Sr. Vice President & Chief Financial Officer
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