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Consolidated-Tomoka pays $44M for Albuquerque, NM, office asset


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Consolidated-Tomoka pays $44M for Albuquerque, NM, office asset

Consolidated-Tomoka Land Co. paid approximately $44.0 million to acquire an office property in Albuquerque, N.M., and disclosed 16 executed deals for the potential sale of 64% of its remaining land holdings, with expected sales proceeds of more than $154 million.

The approximately 210,000-square-foot Albuquerque property, at 5401 Watson Dr., is part of the 12,900-acre Mesa del Sol mixed-use master planned community. The LEED Gold-certified property is fully leased to an affiliate of U.S. mutual fund company Fidelity Investments under a triple-net lease that was recently extended through 2028. LEED is a widely used green building rating system.

Consolidated-Tomoka, which kicked off efforts to study the sale of certain of its multitenant income properties, said the 16 executed purchase and sale agreements are with 14 different buyers and represent the potential sale of approximately 3,500 acres.

The company added approximately 80 acres to an existing contract with O'Connor Management that was originally for approximately 123 acres along Williamson Boulevard, with the new contract representing about 203 acres for a total potential transaction price of approximately $45.3 million.

O'Connor Management also terminated its land contract with respect to the roughly 850-acre industrial park that had a potential transaction price of approximately $34 million, while VanTrust terminated its land contract pertaining to about 71 acres on Clyde Morris Boulevard that had a potential transaction price of approximately $5 million. Consolidated-Tomoka also said it sold approximately 13 acres on Tomoka Farms Road for $2.1 million.

The company added that in September, Kerogen renewed its oil exploration lease on about 15,152 acres in Hendry County, Fla., for an additional year.