DAYTONA BEACH, Fla., May 16, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) announced the purchase of an approximately 55,000 square foot building on 7.60 acres in Winston-Salem, NC under a long-term lease to Hobby Lobby Stores Inc., for approximately $8.1 million, or $147 per square foot. The Property is situated in a major retail corridor in Winston-Salem and has approximately 11 years remaining on the current lease with Hobby Lobby that includes rental escalations. The initial cap rate was in the mid-point range of the Company’s 2019 guidance. A portion of the purchase price was funded utilizing proceeds from the Company’s previously-announced land sales via a like-kind exchange.

About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 2.3 million square feet of income properties in diversified markets in the United States, as well as over 5,300 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.

We encourage you to review our most recent investor presentations which are available on our website at www.ctlc.com.