North American Development Group has taken over the development of a 500,000 sqf retail power center in Tomoka Town Center. The move was made possible through the acquisition of a 27 acre retail tract from Consolidated-Tomoka Land Co. for $6.2 million. The sale includes a reimbursement payment of approximately $580,000 from NADG for the pro-rata portion of the infrastructure costs incurred by Consolidated-Tomoka related to the Tomoka Town Center, located in Daytona Beach. NADG has begun vertical construction of the retail power center. Consolidated-Tomoka intends to utilize the proceeds from this sale to fund a portion of the previously acquired income property located near Portland, Oregon leased to Wells Fargo.
