Consolidated Tomoka Land Co. announced the acquisition of a 34,512 square-foot free-standing building situated on 3.62 acres leased to Big Lots in Glendale, Arizona. The property is an outparcel to the 1.2 million square foot Arrowhead Towne Center, which is owned and managed by Macerich.

This former Ultimate Electronics building has been converted into a Big Lots store with a lease commencing in January 2013 for an initial term of 10 years. The total purchase price was approximately $5.0 million.