Consolidated Tomoka acquires two single-tenant retail properties for $7.6M

|About: Consolidated-Tomoka Lan... (CTO)|By:, SA News Editor

Consolidated-Tomoka (CTO -0.5%) has purchased a ~9,000 sq. ft. building on 0.57 acres outside of Boston, Massachusetts, in Lynn for ~$2.1M, leased to a subsidiary of Family Dollar.

Company also purchased a ~15,000 sq. f.t building on 2.05 acres in Birmingham, Alabama for ~$5.5M, under lease with Walgreens. The lease has ~9 years remaining on the current term.

Both acquisitions were purchased using the Company’s line of credit and are expected to be part of a 1031 like-kind exchange.

After adjusting for the transactions, the income property portfolio contains 49 properties, with 44 being single-tenant and 5 remaining multi-tenant properties.

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