Consolidated-Tomoka Land Co. recently announced it has sold 18.1 acres east of I-95 in Tomoka Town Center in Daytona Beach, Florida to a Sam’s Club affiliate for $4.5 million.
“Year-to-date we have sold approximately 75 acres for approximately $17.3 million in proceeds, nearly equaling the top end of our updated guidance for 2015 of $17.5 million,” Consolidated-Tomoka Land President and CEO John Albright said. The company estimates approximately $4.2 million in after-tax profit.
Construction on a 140,000-square-foot Sam’s Club outlet is scheduled for 2016. The deal includes $4.5 million in community development incentives and infrastructure reimbursement over a 10-year period. The land parcel allows for a common area for the Town Center association and land allotted for public use.
Including this transaction, the company has completed five separate purchase and sale agreements, including a major contract with North American Development Group (NADG) covering 1,800 acres, which accounts for 17 percent of its total land holdings.
Headquartered in Daytona Beach, Consolidated-Tomoka Land Co. is a publicly traded real estate company. Its holdings include over 10,500 acres in the Daytona Beach region.
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