DAYTONA BEACH, Fla., Dec. 18, 2018 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the closing of the sale of 29.93 acres for approximately $3.2 million, or approximately $107,000 per acre (the “Land Sale”). The land parcel, of which approximately half is developable, is on the east side of Interstate 95 and is located on Williamson Boulevard across from Florida Hospital. The buyer intends to develop approximately 300 multi-family residential units. The estimated gain on the Land Sale is approximately $2.8 million, or approximately $0.39 per share, after tax. The contract related to the Land Sale provides the buyer with the option to purchase an additional 19 acres for approximately $2.0 million which could close prior to 2020. 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.

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 $47.5 million, or approximately $18,000 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.