DAYTONA BEACH, Fla., Nov. 27, 2018 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) announced the closing of the sale of 17.96 acres for approximately $4.25 million, or approximately $237,000 per acre (the “Land Sale”). The land parcel is on the east side of Interstate 95 and is located to the east of Clyde Morris Boulevard and on the south side of LPGA Boulevard. The estimated gain on the Land Sale is approximately $4.0 million, or approximately $0.55 per share, after tax. The Company intends to utilize the proceeds from the Land Sale to fund a portion of a previously acquired income property, through a reverse 1031 like-kind exchange structure. The buyer intends to develop approximately 300 multi-family residential units.

As of a result of the Land Sale, the Company, year-to-date, has sold more than 2,600 acres of land for an aggregate of approximately $44.3 million, or approximately $16,900 per acre.

About Consolidated-Tomoka Land Co.

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 2.3 million square feet of income properties in diversified markets in the United States, as well as nearly 5,500 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.