Consolidated Tomoka makes Boston-area purcahse

|By:, SA News Editor

Consolidated Tomoka (NYSEMKT:CTO) announces the purchase of a 22.5K square-foot retail building in Saugus, MA for $6.3M - a 7.1% cap rate.

The property is on 2.6 acres and 100% triple-net leased to Jo-Ann Stores. As part of the purchase, an extension of the lease was inked, bringing the remaining lease term to 12 years.

The property was purchased with funds from a 1031 tax-deferral deal.