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IRVINE, CALIF. — Consolidated-Tomoka Land Co. (CTO) has sold a 14-property portfolio of single-tenant income assets for $51.6 million. The portfolio includes nine Bank of America financial centers in Orange County.
The buyer assumed CTO’s existing $23.1 million mortgage loan secured by the properties. The portfolio sale resulted in an estimated gain of about $11.1 million for CTO, or about $1.20 per share, after tax.
CTO plans to use the proceeds for the recently reported Bloomin’ Brands sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.