Consolidated Tomoka Sells Three Pad Sites for $2M

Consolidated-Tomoka Land Co. CTO today announced the sale of three pad sites totaling 4.4 acres of land to an affiliate of North American Development Group, for a sales price of approximately $2.0 million, or approximately $455,000 per acre The transaction will result in a total estimated gain of approx. $1.9 million, or approx. $0.21 per share after tax, with approx. $1.3 million of the estimated gain recognized at closing and approx. $0.6 million of the estimated gain expected to be recognized as the Company completes certain infrastructure improvements at the 235-acre Town Center. The NADG Agreement provides NADG with the ability to acquire portions of the remaining acreage under contract within the Town Center in multiple, separate, transactions through 2018. Shares of Consolidated Tomoka are down 0.02 percent Thursday.