Daytona Beach-based Consolidated Tomoka Land Co. has completed the $37 million sale of a Santa Clara, California office building. The 76,000 sqf multi-tenant office property changed hands for just over $486 per sqf. The sale price represents a cap rate of 6.62 percent. The estimated gain of the transaction totals approximately $9.0 million, or $1.36 per share, after tax, and represents an unlevered IRR of 14.67 percent. The vendor intends to redistribute the proceeds through a 1031 like-kind exchange structure.
