DAYTONA BEACH, Fla., April 30, 2020 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) today announced the closing of the sale of its Wawa ground lease located in Daytona Beach, Florida, for a sales price of $6.0 million, reflecting a cap rate of 4.75%. The property, a former Barnes & Noble, is currently under a 20 year ground lease to Wawa. Wawa is expected to begin construction on the vacant site in early 2021. The proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company’s estimated gain on the sale is approximately $1.8 million, or $0.29 per share after tax.

Mr. John P. Albright, President and Chief Executive Officer of the Company, stated, “Given this property has been vacant and non-income producing for the past two years we look forward to reinvesting these proceeds into an accretive income producing property.”

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.