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DAYTONA BEACH, FL-After months of negotiations, locally based Consolidated-Tomoka Land Co., the largest timber holding company in Florida, has sold a prime 1,150-acre tract at the LPGA International development here for $18 million or $15,652 per acre. It’s the largest land deal of the year in Volusia County.

At about 36 cents per sf, the buyers, Florham, NJ-based Gale & Kitson, along with partner Morgan Stanley of New York, picked up a choice tract at “better than fair market value,” a Daytona industrial broker tells GlobeSt.com. “They got a helluva good deal because that location can only continue to increase in value in the coming years.”

Sydney Kitson, an offensive guard in the National Football League in the mid-1980s with the Green Bay Packers and Dallas Cowboys, is chairman and CEO of Gale & Kitson, a golf course and residential real estate developer with major active projects in West Palm Beach and New Jersey.

Bill McMunn, president and CEO of Consolidated-Tomoka, says the sale includes acreage around the Legends golf course, several commercial parcels fronting International Speedway Boulevard and LPGA Boulevard, and a hotel/resort parcels adjacent to the LPGA International clubhouse. The site is about 50 miles northeast of Downtown Orlando.

“This closing finalizes the sale of most of the remaining land within the LPGA International golf community,” McMunn says. The buyer of record is West Palm Beach-based MSKP Volusia Partners LLC which is the Kitson-Stanley partnership.

MSKP has held the option to buy Con-Tomoka’s remaining land since Aug. 23, 2002. At that time, the developer acquired 261 acres of residential-zoned land within the LPGA mixed-use development. The price was $6.3 million or about $24,131 per acre (55 cents per sf).

Local land brokers tell GlobeSt.com that was a prudent purchase for MSKP because the developer later sold off 96 acres in the southern part of the LPGA golf course property to Chicago-based Jupiter Partners LLC and its principal, Harold Kay. The price was $3.1 million or about $32,292 per acre (74 cents per sf).

The negotiated deal for the 1,150 acres initially had a $17-million price tag, according to Con-Tomoka’s previous announcements. That price would place the land at about $14,783 per acre, or 34 cents per sf, a little lower than the closing price of $15,652 per acre or 36 cents per sf.

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