Consolidated Tomoka Land sells Santa Clara for $37m

Consolidated Tomoka Land sells Santa Clara for $37m

Published at: 2019-06-27 15:55 | Author: CIJ USA
Daytona Beach-based Consolidated Tomoka Land Co. has completed the $37 million sale of a Santa Clara, California office building. The 76,000 sqf multi-tenant office property changed hands for just over $486 per sqf. The sale price represents a cap rate of 6.62 percent. The estimated gain of the transaction totals approximately $9.0 million, or $1.36 per share, after tax, and represents an unlevered IRR of 14.67 percent. The vendor intends to redistribute the proceeds through a 1031 like-kind exchange structure.

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