Consolidated-Tomoka Land Buys Whole Foods Market Centre In Florida For $19.1 Mln

(RTTNews) - Consolidated-Tomoka Land Co. (CTO) Tuesday announced the acquisition of Whole Foods Market Centre in Florida for $19.1 million.

The Property is about 59,000 square foot retail center in Sarasota, Floriday, which includes Whole Foods Market retail grocery store, a Starbucks retail store, and a parking garage.

The Whole Foods Market portion of the property is under a long-term lease, with approximately 10 years remaining on the term, while the average lease term for the balance of the retail space is approximately 2.5 years.

CEO John Albright said, "This $19.1 million investment is our largest single acquisition of an income property to date, and brings our total investments year-to-date to approximately $70 million. The initial yield for this investment is at the lower end of our 2014 investment guidance."