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Consolidated-Tomoka Land buys Jacksonville, Fla., shopping center

Consolidated-Tomoka Land Co. acquired The Strand shopping center in Jacksonville, Fla., for $62.7 million.

The approximately 212,000-square-foot property is 95% occupied and is anchored by Hobby Lobby, Best Buy, 2nd & Charles and the PGA Superstore.

Consolidated-Tomoka funded the acquisition through 1031 like-kind exchange proceeds from the sale of a controlling interest in its remaining land portfolio to Magnetar Capital Partners LP for $97 million. Including the purchase of The Strand, the real estate company has already redeployed roughly $86 million of the Magnetar proceeds.

The company also plans to reinvest in the first half of 2020 the remaining roughly $125 million of additional 1031 like-kind exchange proceeds from the approximately $116 million sale of 20 assets to Alpine Income Property Trust Inc.

Colliers International Northeast Florida Inc. will lease and manage the shopping center on behalf of the company.