Consolidated Tomoka Announces Acquisition of a Single-Tenant Property Leased to Party City in Oceanside, New York for $7.1 Million
DAYTONA BEACH, Fla., Sept. 25, 2019 (GLOBE NEWSWIRE) — Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the purchase of an approximately 15,500 square foot building on 1.24 acres in Oceanside, New York, on Long Island, (the “Property”) under a long-term lease to Party City Corporation, for approximately $7.1 million. The Property is situated along a major retail corridor in Oceanside, with a three-mile population of approximately 154,000 and approximately 10 years remaining on the current lease. The initial investment cap rate was above the mid-point of the range in the Company’s 2019 guidance. This acquisition was purchased using the Company’s unsecured credit facility and is expected to be part of a 1031 like-kind exchange.