Consolidated Tomoka acquires net lease property in Aspen, CO for $26.5M
Consolidated-Tomoka Land announced the purchase of a 19,596-square foot, newly constructed commercial building located in downtown Aspen, Colorado, for $28M, with the company's net investment totaling $26.5M after giving affect for contributions made by the Master Tenant, as defined below. Simultaneous with the closing, the Company entered into a twenty-year master lease on the Property with an affiliate of A.G. Hill Partners, a Dallas, Texas based family office. The Hill family owns and operates Highland Park Village, a 265,000-square foot luxury shopping center in Dallas and is developing The Haven, a luxury shopping outlet center in West Haven, Connecticut. The lease includes annual rent escalations, tenant repurchase options and is absolute net to the company. The initial investment yield is below the low end of the company's 2018 guidance, however, the actual yield could meet or exceed the upper end of the company's guidance in the first 2 to 3 years of the lease.