DAYTONA BEACH, Fla., Oct. 15 /PRNewswire/ -- Consolidated-Tomoka Land Co. (NYSE Amex: CTO) announced today significant lease activity at the Mason Commerce Center located in the Gateway Center at the intersection of Mason Avenue and Williamson Boulevard in Daytona Beach, Florida. The Company has executed leases which will bring the 30,000 square-foot Mason Commerce Center occupancy to over 80%.
The State of Florida has executed a 19,200 square-foot lease for the Department of Revenue. Tenant improvements have commenced with occupancy to occur by the fourth quarter of 2011.
Other new leasing activity in our Mason Commerce Center includes the recent occupancy by Walgreen Co. of 1920 square-feet for its Home Health Care business. Volusia Flagler Vascular, a medical dialysis provider, currently occupies 3,840 square-feet.
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management's expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.
The Company wishes to caution readers that the assumptions which form the basis for forward-looking statements include many factors that are beyond the Company's ability to control or estimate precisely. Information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's Securities and Exchange Commission filings, including, but not limited to, the Company's Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.
While the Company periodically reassesses material trends and uncertainties affecting its results of operations and financial condition, the Company does not intend to review or revise any particular forward-looking statement referenced herein in light of future events.
SOURCE Consolidated-Tomoka Land Co.