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Consolidated Tomoka Announces Sale Of 12 Acres for $4.5M By Land JV

Consolidated-Tomoka Land Co. (NYSE:CTO) (the “Company” or “CTO”) today announced the closing of the sale of  approximately 12 acres, which consisted of a land sale and conveyance of

Benzinga · 03/03/2020 21:21

Consolidated-Tomoka Land Co. (NYSE:CTO) (the “Company” or “CTO”) today announced the closing of the sale of  approximately 12 acres, which consisted of a land sale and conveyance of certain interests (the “Equinox Land Sale”), for $4.5 million, or approximately $375,000 per acre, to Equinox Development (“Equinox”). Equinox a Maitland, Florida based real estate developer has operations and developments in Florida, North Carolina, South Carolina and Tennessee. The Equinox Land Sale was completed by the venture that was formed in October 2019 when the Company sold the controlling interest in the entity that held the remaining land portfolio (the “Land JV”). The proceeds from the Equinox Land Sale will be distributed in accordance with the distribution priority of the Land JV. In conjunction with the Equinox Land Sale, the Company provided Equinox an approximately $3.4 million one-year first mortgage loan.