Consolidated-Tomoka Land Co has closed on the sale of approximately 19.43 acres in Daytona Beach, Fla., to an affiliate of North American Development Group for approximately $3.5 million.
The land is located on the east side of Interstate 95 directly adjacent to the Tanger Outlet Mall, and is part of the Tomoka Town Center. The company also received approximately $1.0 million from NADG as reimbursement for the pro-rata portion of the infrastructure costs incurred by the company for the town center. The estimated gain on the Third NADG Land Sale, including the aforementioned reimbursement, is approximately $3.3 million, or approximately $0.36 per share, after tax. The company said it will use the proceeds from this sale to fund a portion of the previously acquired income properties located in Brandon, Fla.