An affiliate of Sam’s Club has scooped up 18 acres of land in the Tomoka Town Center in Daytona Beach for $4.5 million. Sams Club plans to build a 140,000 square foot retail outlet on the property with a start date set for sometime in 2016. Trading for approximately $249,000 per acre the property is located east of Interstate 95 and south of LPGA Boulevard. The property was sold by Consolidated-Tomoka Land Co.
John P. Albright, President and Chief Executive Officer of Consolidated stated, “We are pleased to complete this transaction with Sam’s Club, and look forward to Sam’s Club joining Tanger Outlet’s 350,000 square foot outlet mall at the Tomoka Town Center.” Mr. Albright further noted, “Year-to-date we have sold approximately 75 acres for approximately $17.3 million in proceeds, nearly equaling the top end of our updated guidance for 2015 of $17.5 million.” Mr. Albright added, “The utilization of the proceeds of the Sam’s transaction in our 1031 transactions reflects the continuation of our business plan and strategy, which have consistently included monetizing our land and converting it into income producing properties.”
