Consolidated-Tomoka buys Arizona shopping center for $61.8M

Consolidated-Tomoka Land (NYSEMKT:CTO) buys Crossroads Towne Center, a ~254K-square-foot-retail center in Chandler, AZ, for $61.8M.

Represents going-in cap rate of ~7.85%.

Center is ~11 miles from Tempe and is 99% occupied.

This acquisition was purchased using the remaining 1031 like-kind exchange proceeds from the company’s October 2019 transaction with Magnetar Capital representing the sale of a controlling interest in the company’s remaining land portfolio for $97M  and a portion of the 1031 like-kind exchange proceeds from the sale of 20 assets to Alpine Income Property Trust (PINE) in November 2019.

CTO plans to reinvest the remaining PINE proceeds of ~$64M in Q1 2020.


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