{"id":1004150753,"date":"2016-08-24T00:09:20","date_gmt":"2016-08-24T08:09:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150753"},"modified":"2020-04-06T07:00:27","modified_gmt":"2020-04-06T15:00:27","slug":"consolidated-tomoka-nabs-bofa-property-in-nocal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-nabs-bofa-property-in-nocal\/","title":{"rendered":"Consolidated-Tomoka Nabs BofA Property in NoCal"},"content":{"rendered":"<div id=\"attachment_1004150758\" style=\"width: 220px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150758\" data-attachment-id=\"1004150758\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-nabs-bofa-property-in-nocal\/consolidated-tomoka\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg\" data-orig-size=\"250,250\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 6D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1468940677&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;75&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"John Albright, president &#038; CEO\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;John Albright, president &#038; CEO &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg?w=250\" class=\"wp-image-1004150758\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg\" alt=\"John Albright, president &amp; CEO, Consolidated-Tomoka\" width=\"210\" height=\"210\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg 250w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 210px) 100vw, 210px\" \/><\/a><p id=\"caption-attachment-1004150758\" class=\"wp-caption-text\">John Albright, president &amp; CEO, Consolidated-Tomoka<\/p><\/div>\n<p><strong>Monterey, Calif.\u2014<\/strong><a href=\"https:\/\/www.ctlc.com\/\" target=\"_blank\" rel=\"nofollow\">Consolidated-Tomoka Land Co.<\/a>, 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.<\/p>\n<p>Sitting on 1.26 acres, the property is\u00a0leased 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.<\/p>\n<p>John Albright, president &amp; CEO of Consolidated-Tomoka, mentions that the purchase is a long-term investment opportunity, due to the half-of-market rent level. \u201cThis acquisition continues our strategy to recycle non-core properties, such as the Lowe\u2019s in Lexington, N. C. (that the company recently sold), into larger markets with stronger demographics such as Monterey, Calif.,\u201d he added.<\/p>\n<p><em>Image courtesy of\u00a0Consolidated-Tomoka Land Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset was sold for approximately $8.4 million and is 100 percent leased to Bank of America.<\/p>\n","protected":false},"author":1269,"featured_media":1004150758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21783,21742,15],"tags":[],"class_list":["post-1004150753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Consolidated-Tomoka Nabs BofA Property in NoCal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-nabs-bofa-property-in-nocal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consolidated-Tomoka Nabs BofA Property in NoCal\" \/>\n<meta property=\"og:description\" content=\"The asset was sold for approximately $8.4 million and is 100 percent leased to Bank of America.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-nabs-bofa-property-in-nocal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-24T08:09:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T15:00:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/consolidated-tomoka.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Consolidated-Tomoka Nabs BofA Property in NoCal\",\"datePublished\":\"2016-08-24T08:09:20+00:00\",\"dateModified\":\"2020-04-06T15:00:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/\"},\"wordCount\":160,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/08\\\/consolidated-tomoka.jpg\",\"articleSection\":[\"Brokerage\",\"Investment\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/consolidated-tomoka-nabs-bofa-property-in-nocal\\\/\",\"name\":\"Consolidated-Tomoka Nabs BofA Property in NoCal - 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