Item 2.01. Completion of Acquisition or Disposition of Assets.
On January 24, 2020, Consolidated-Tomoka Land Co. (the "Company"), through
certain of its wholly-owned subsidiary, completed the acquisition of
an approximately 254,000 square foot multi-tenant commercial retail property
called Crossroads Towne Center, located in Chandler, Arizona ("Crossroads"), for
approximately $61.8 million. There is no material relationship between the
Company, its subsidiary or any of its affiliates, or any director or officer of
the Company, or any associate of any director or officer of the Company, and the
Seller, other than with respect of the Company's acquisition of
Crossroads. Crossroads is approximately 99% occupied with a total of 32 tenants,
including anchor tenants: Harkins Theatre and Bob's Discount Furniture. The
weighted average lease term for the leases of all 32 tenants at Crossroads is
approximately five years. Crossroads will be leased by JLL and managed by
Vestar on behalf of the Company.
This acquisition was purchased using (a) the remaining 1031 like-kind exchange
proceeds from the Company's October 2019 sale of a controlling interest in the
Company's remaining land portfolio to Magnetar Capital for $97 million and (b) a
portion of the 1031 like-kind exchange proceeds from the Company's November 2019
sale of 20 assets to Alpine Income Property Trust, Inc. ("Alpine"), in
connection with Alpine's November 2019 initial public offering.
Item 7.01. Regulation FD Disclosure.
On January 24, 2020, the Company issued a press release announcing the
completion of the acquisition of Crossroads. A copy of the press release is
attached hereto as Exhibit 99.1. The information contained in Item 7.01 of this
Current Report, including Exhibit 99.1, is being furnished and shall not be
deemed "filed" for any purposes, including for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section. Such information shall not be incorporated by
reference into any filing of the Company, whether made before or after the date
hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
The financial statements that are required to be filed pursuant to this item
will be filed by amendment no later than 71 days after the date on which this
initial Form 8-K is required to be filed.
(b) Pro Forma Financial Information.
The pro forma financial information that is required to be filed pursuant to
this item will be filed by amendment no later than 71 days after the date on
which this initial Form 8-K is required to be filed.
(c) Exhibits
99.1 Press Release issued by Consolidated-Tomoka Land Co. on January 24,
2020
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