Consolidated Tomoka Acquires Rite Aid in Renton, Washington for Approximately $6.6 Million
Consolidated Tomoka Acquires Rite Aid in Renton, Washington for Approximately $6.6 Million
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the acquisition of a 16,280 square-foot free-standing building situated on 1.60 acres leased to a subsidiary of Rite Aid in Renton, Washington, a suburb of Seattle.
The property has approximately 13 years remaining an initial term of 20 years. The total purchase price was approximately $6.6 million.
John P. Albright, President and Chief Executive Officer of the Company stated, "This acquisition continues our strategy of growing our single-tenant income property portfolio, adding both a new geographic market and further diversifying our tenant base. Mr. Albright also noted, "We have completed a total of approximately $34.3 million in acquisitions so far in 2013, bringing our single-tenant portfolio to a total of 36 properties across eight states."
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. 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 10,000 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
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.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643; facsimile, 386-274-1223
Sr. Vice President & Chief Financial Officer
mpatten@ctlc.com
KEYWORDS: United States North America Florida Washington
INDUSTRY KEYWORDS:
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