Consolidated-Tomoka Land Co. has bought out the remaining 50 percent interest in a real estate venture that owns a six-acre vacant beachfront parcel in Daytona Beach, FL. The firm acquired the remaining 50 percent interest from an institutional investor in the Beach Venture for approximately $4.7 million. The company also announced that the Beach Venture has received approval of the rezoning and entitlement of the site for the construction of up to approximately 1.2 million sqf . Consolidated is currently under negotiations with two prospective tenants, the Cocina 214 Mexican Restaurant & Bar and the LandShark Bar & Grill, to lease the two restaurants to be built on the parcel. The zoning and entitlements received allow for the restaurant development and a larger scale vertical development, which would be built should market conditions permit. Consolidated-Tomoka anticipates that this purchase transaction will be part of a future 1031 like-kind exchange transaction.
