Con-Tomoka Closes $18M Land Deal With Hospital

At $3.44 per sf, the tract yielded Con-Tomoka one of the highest per-sf prices on land deals it has done in the past two years, according to GlobeSt.com research. In a prepared statement, Bruce W. Teeters, Con-Tomoka's senior vice president, says the company is "actively identifying reinvestment opportunities to convert the proceeds from the sale into income-producing properties."

The deal with Florida Hospital follows an $18-million October 2004 transaction Con-Tomoka completed with Florham, NJ-based Gale & Kitson and Morgan Stanley of New York. In that deal, Con-Tomoka sold the joint venture partners 1,150 prime developable acres at the LPGA International development in Daytona Beach for $15,652 per acre or 36 cents per sf, as GlobeSt.com previously reported.

It was the largest land deal of the year in Volusia County. Like the lengthy Florida Hospital transaction, Con-Tomoka's deal with Gale & Kitson and Morgan Stanley took two years to close.