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Stock impact report

Consolidated Tomoka Announces Sale of 12 Acres for $4.5 Million by Land JV

CTO Realty Growth, Inc. (CTO) 
NASDAQ:AMEX Investor Relations: ir.ctlc.com
Company Research Source: GlobeNewswire
DAYTONA BEACH, Fla., March 03, 2020 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company” or “CTO”) today announced the closing of the sale of  approximately 12 acres, which consisted of a land sale and conveyance of certain interests (the “Equinox Land Sale”), for $4.5 million, or approximately $375,000 per acre, to Equinox Development (“Equinox”). Equinox a Maitland, Florida based real estate developer has operations and developments in Florida, North Carolina, South Carolina and Tennessee. The Equinox Land Sale was completed by the venture that was formed in October 2019 when the Company sold the controlling interest in the entity that held the remaining land portfolio (the “Land JV”). The proceeds from the Equinox Land Sale will be distributed in accordance with the distribution priority of the Land JV. In conjunction with the Equinox Land Sale, the Company provided Equinox an approximately $3.4 million one-year first mortgage loan. The Equinox La Show less Read more
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