- Consolidated-Tomoka Land (NYSE:CTO) announced the acquisition of an approximately 18,120 sq. ft. retail building in downtown Sarasot for $4.1M at a 7.1% cap rate.
- The Property is situated on approximately 1.20 acres and is 100% leased to an affiliate of Staples, Inc. under a triple-net lease with a remaining term of approximately five years.
- On January 24, the Company acquired the land that comprise of the golf courses at LPGA International Golf Club for approx. $1.5M.
- As of December 31, 2016, the Company’s accrued liability related to the straight-line rent on the lease between the Company and the City was approx. $2.2M. Effective as of the closing date, the accrued liability will be eliminated as there is no remaining commitment related to the lease.
- As a result of eliminating the accrued liability, the Company will recognize approx. $0.40/share in non-cash earnings in the 1Q17.