DAYTONA BEACH, Fla., (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) announced the purchase of an approximately 70,900 square foot income property on 5.29 acres in North Richland Hills, Texas (the “Property”), under a long-term lease to Burlington Stores, Inc., for approximately $11.9 million. The Property is situated within a major retail corridor along Loop 820 near the Northeast Mall, with a three-mile population of approximately 120,000 and approximately 9.3 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 1031 like-kind exchange proceeds from the Company’s August 2019 sale of a ground lease with Wawa in Winter Park, Florida and a portion of the recently-announced transaction with Magnetar Capital.

Including this transaction, the Company year-to-date, has acquired 10 single-tenant income properties for an aggregate investment amount of approximately $102 million, which exceeds the mid-point of the Company’s 2019 guidance for income property acquisitions.

About Consolidated-Tomoka Land Co.

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States. Visit our website at www.ctlc.com.