Consolidated Tomoka Funds $3.8 Million Acquisition of Long-Term Ground Lease with JP Morgan Chase Bank, N.A. in Chicago, Illinois
Consolidated-Tomoka Land Co. (NYSE MKT:CTO) announced it has acquired a JPMorgan Chase Bank, N.A. ground lease in Chicago. The Company acquired this property, in part, with $3.7 million of proceeds received in the May 2012 sale of a property in Asheville, NC.
The ground lease with JPMorgan Chase Bank, N.A. has a remaining term of 28 years and rental rate escalations every 5 years.
John P. Albright, President and Chief Executive Officer of the Company stated, “We're pleased to have completed the acquisition of an additional income producing property in a new major market with a new high quality credit tenant, bringing our single tenant portfolio to twenty-six properties in six states.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 11,000 acres in the Daytona Beach area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management's expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer