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Consolidated-Tomoka Land sells controlling stake in unit for $97M

Consolidated-Tomoka Land Co. sold a controlling interest in a unit that holds approximately 5,300 acres of undeveloped land in Daytona Beach, Fla., for $97 million.

The buyers of the Crisp39 SPV LLC stake were Flacto LLC, Magnetar Longhorn Fund LP and Magnetar Structured Credit Fund LP.

Following closing, the buyers collectively own a notional 66.50% interest in the land joint venture, with Consolidated-Tomoka accounting for the rest.

Under the terms of the deal, the company will serve as the initial manager of the land joint venture.