Daytona Beach-based Consolidated-Tomoka Land Co. has sold off a 17 acre tract of land for $3 million. The land is located on the west side of Interstate 95 on Tomoka Farms Road just south of the soon to open CarMax dealership in Daytona Beach. Trading for approximately $174,000 per acre, the sale will result in estimated gain of $2.9 million or $0.29 per share after tax for the publicly traded REIT. The proceeds from the transaction are expected to be used in the future as part of one or more Section 1031 like-kind exchange transactions. Consolidated-Tomoka Land Co. owns a portfolio of income investments of over 1.5 million sqf of income properties, as well as approximately 10,500 acres of land in the Daytona Beach area
