Daytona Beach-based Consolidated-Tomoka Land Co. has closed on the disposition of 1,581 acres of land, or approximately 16% of its land holdings, to Minto Communities in a $27.2 million deal. Trading for approximately $17,205 an acre, the sale results in an estimated gain of approximately $20.0 million, or $2.19 per share after tax. Consolidated-Tomoka Ltd Co. is a Florida-based publicly traded real estate company, which owns a portfolio of approximately 1.7 million square feet of income properties, as well as approximately 8,200 acres of land in the Daytona Beach area. CEO John P. Albright said the deal had been closed the Minto deal nearly three years after executing and that its 3,400 unit Oasis project would drive the region’s economy and help grow membership at the company’s LPGA International Golf Club.
