Consolidated Tomoka announces purchase of Santa Clara office building for $30M
Consolidated-Tomoka Land announced the acquisition of an approximately 76,000 square foot single-story Class A two-tenant office building in Santa Clara, California for $30M. The Property is situated on approximately 5.24 acres and is 100% leased to Centrify Corporation and Adesto Technologies under triple-net leases with remaining terms of approximately 4 years and 7 years, respectively. The Property was built in 1978 and underwent a complete renovation in 2014 totaling approximately $14 million. The current zoning of the 5.24 acre parcel also allows for an additional 100,000 square feet of density. The transaction was partially funded using the proceeds from the recent 17 acre land sale announced on October 13, 2016, the recent 4.5 acre land sale, the sale of the vacant PNC income property and the remaining proceeds from the 14 property portfolio. The balance of the purchase is expected to be part of a 1031 like-kind exchange.