{"id":1004152773,"date":"2016-09-20T01:35:00","date_gmt":"2016-09-20T09:35:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004152773"},"modified":"2020-04-06T06:59:11","modified_gmt":"2020-04-06T14:59:11","slug":"consolidated-tomoka-lands-15m-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-lands-15m-retail-portfolio\/","title":{"rendered":"Consolidated-Tomoka Lands $15M Retail Portfolio"},"content":{"rendered":"

by Csilla Borsos<\/em><\/p>\n

\"Outback<\/a>

Outback Steakhouse in Charlotte, N.C.<\/p><\/div>\n

Daytona Beach, Fla.\u2014<\/strong>Florida-based\u00a0Consolidated-Tomoka Land Co.<\/a> has recently announced the purchase of four single-tenant, triple-net lease properties in a leaseback transaction with Bloomin\u2019 Brands Inc. The assets traded for a total of approximately $15 million.<\/p>\n

The portfolio consists of three Outback Steakhouse restaurants located in Austin, Texas, Charlotte, N.C., and Charlottesville, Va., as well as another property in Austin, called Carabba\u2019s Italian Grill.<\/p>\n

The assets are triple-net-leased with an initial term of 15 years, including a corporate guaranty and annual rent increases. The purchase was part of a 1031 exchange, making use of the remaining proceeds from Consolidated Tomoka\u2019s recent disposition of a property in Lexington, N.C., which was leased to Lowe\u2019s. This property is also expected to be part of the 1031 like-kind exchange, utilizing proceeds from the recent sale of 14 properties, including nine Bank of America financial centers in Orange County, Calif.<\/p>\n

\u201cAlthough the initial yield is below our cap rate guidance, this portfolio represents strong performing units in both attractive demographic areas and major retail corridors,\u201d said John Albright, president & CEO of Consolidated Tomoka, in prepared remarks.<\/p>\n

Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The four-building, triple-net lease portfolio was acquired as part of a 1031 exchange. <\/p>\n","protected":false},"author":1020,"featured_media":1004152774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21784,1582,21743,21783,21742,1493,21749],"tags":[],"class_list":["post-1004152773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-brokerage","category-charlotte","category-deals","category-investment","category-latest","category-orlando","category-retail"],"acf":[],"yoast_head":"\nConsolidated-Tomoka Lands $15M Retail Portfolio - 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-lands-15m-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consolidated-Tomoka Lands $15M Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"The four-building, triple-net lease portfolio was acquired as part of a 1031 exchange.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-lands-15m-retail-portfolio\/\" \/>\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=\"2016-09-20T09:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T14:59:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Outback-Steakhouse.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"659\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Csilla Borsos\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-lands-15m-retail-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/consolidated-tomoka-lands-15m-retail-portfolio\/\",\"name\":\"Consolidated-Tomoka Lands $15M Retail Portfolio - 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