DAYTONA BEACH, Fla., April 24, 2020 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) today announced the closing of the sale of its CVS ground lease located in downtown Dallas, Texas, for a sales price of $15.2 million, reflecting an exit cap rate of 4.50%. The Company was represented by The Mansour Group of Marcus & Millichap. Approximately $10.4 million of the proceeds received from the sale constituted the completion of a Section 1031 like-kind exchange into the recently-purchased Perimeter Place asset in Atlanta, Georgia. The remaining proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company’s estimated gain on the sale is approximately $0.8 million, or $0.13 per share after tax.

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 2.3 million square feet in diversified markets in the United States and an approximately 22% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). Visit our website at www.ctlc.com.