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Consolidated-Tomoka pays $32M for 8 ground leases in Jacksonville, Fla.

Diversified property company Consolidated-Tomoka Land Co. acquired the fee simple interest in eight ground leases across two new retail centers in Jacksonville, Fla., for about $32.3 million.

The leases cover eight single-tenant net-lease retail properties, spanning 44,000 square feet, within The Strand and The Crossing retail assets, adjacent to the St. Johns Town Center mall.

Chase Bank, WaWa, five national restaurant brands including Cheddar's and Chuy's, and a car wash occupy the properties, with a weighted-average remaining lease term of approximately 15 years.