Consolidated-Tomoka Nabs BofA Property in NoCal

The asset was sold for approximately $8.4 million and is 100 percent leased to Bank of America.
John Albright, president & CEO, Consolidated-Tomoka
John Albright, president & CEO, Consolidated-Tomoka

Monterey, Calif.—Consolidated-Tomoka Land Co., a Florida-based public corporation, has purchased a 33,000-square-foot, single-tenant property in downtown Monterey, as part of a 1031 like-kind exchange. The building commanded $8.4 million. Completed in 1982 as a built-to-suit for Bank of America, the property covers almost an entire block.

Sitting on 1.26 acres, the property is leased to the bank for at least 4.4 more years. The agreement stands for one 10-year extension option with a rent increase determined by further assessments of land value.

John Albright, president & CEO of Consolidated-Tomoka, mentions that the purchase is a long-term investment opportunity, due to the half-of-market rent level. “This acquisition continues our strategy to recycle non-core properties, such as the Lowe’s in Lexington, N. C. (that the company recently sold), into larger markets with stronger demographics such as Monterey, Calif.,” he added.

Image courtesy of Consolidated-Tomoka Land Co.