Daytona Beach-based Consolidated-Tomoka Land Co. has announced the acquisition of a 0.91 acre site in Dallas, Texas, for $14.9 million. Located at 2501 N. Field St., the property is leased to CVS Pharmacy for an initial term of 25 years and guaranteed by CVS Health Corporation. A 10,340 sqf building sits on the site which was developed and paid for by CVS. The zoning on the property allows for a potential future development of approximately 400,000 sqf of commercial space. This transaction was part of a 1031 like-kind exchange utilizing a portion of the proceeds from the company’s recent disposition of a portfolio of 14 income properties. Consolidated Tomoka has now completed approximately $40.6 million in acquisitions thus far in 2016.
CEO John P. Albright said that “the initial yield for this acquisition is below our cap rate guidance, however, the property is a core infill location in Victory Park, a high growth submarket of uptown Dallas, which is undergoing intensive development of high rise construction which should bode well for higher density redevelopment of this parcel in the future.”
