Magnetar Capital bought 5,300 acres from Consolidated-Tomoka Land Company for $97m. Magnetar Capital will also take over land parcels that Consolidated-Tomoka currently has under contract. Magnetar Capital paid just over $17,547 per acre. Consolidated-Tomoka will use the proceeds from the deal in 1031 like-kind exchange transactions executed during the third quarter of 2019 and future 1031 like-kind exchange transactions.
