Tomoka Property Management

Tomoka Property Management – DAYTONA BEACH — Consolidated-Tomoka Land Co., which sold a controlling interest in its remaining 5,300 acres of undeveloped land in Daytona Beach as well as the two golf courses at LPGA International in two separate deals earlier this month, has not made major changes.

The Daytona Beach-based public company announced it is changing its name to CTO Realty Growth Inc. and is also planning an IPO of a new company it is forming called Alpine Income Property Trust.

Tomoka Property Management

Tomoka Property Management

Alpine will be a real estate investment trust that will initially consist of 20 of CTO’s income-producing properties in several states.

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The corporate portfolio of income properties consists primarily of stand-alone buildings occupied by a single tenant, such as a drugstore or pharmacy, that has a long-term lease.

None of the initial properties Alpine is buying from CTO are in Daytona Beach, said John Albright, chief executive officer of CTO, who will also be CEO of the new real estate investment trust.

The new company will hold an initial public offering of its common stock shares to raise $125.9 million in cash that can be used to purchase 15 of CTO’s income properties. Alpine also intends to apply to list its common stock on the New York Stock Exchange, which will trade under the symbol PINE.

CTO, whose own stock trades on the stock exchange under the symbol CTO, plans to invest $7.5 million in a private placement purchase of Alpine stock that would occur concurrently with Alpine’s planned IPO.

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A date for Alpine’s IPO and the price at which its shares will initially be offered have not yet been announced.

Alpine will pay CTO an annual management fee equal to 1.5 percent of the value of Alpine’s equity.

The CTO will also have the opportunity to earn an annual incentive management fee based on the total return generated for shareholders of Alpine’s stock.

Tomoka Property Management

Alpine and CTO will also enter into an exclusivity and preemption agreement that gives the real estate investment trust first down on the purchase of single-tenant properties that CTO should put up for sale in the future as long as its management agreement is in place.

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CTO’s board of directors has formed a committee of independent directors to review, negotiate and approve the proposed transactions with Alpine.

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“We are pleased to announce the formation of Alpine and the rebranding of CTO as CTO Realty Growth,” Albright said in a press release.

CTO is shifting its focus from owning single-tenant properties to acquiring multi-tenant retail and office properties that can generate higher returns.

At one time, the company was the largest real estate owner in Daytona Beach, with more than 25,000 acres as late as the mid-1990s, mostly in the area around the Interstate 95/LPGA Boulevard interchange.

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Since Albright became CEO in 2011, the CTO has accelerated its efforts to sell its portfolio of undeveloped land in Daytona Beach and reinvest a large portion of the sale proceeds in income-producing properties in several states, as opposed to having its real estate portfolio concentrated in Daytona Beach.

Its land sales locally over the years dating back to the 1990s include what are today the communities along LPGA Boulevard west of I-95, including LPGA International, Latitude Margaritaville, Mosaic and Bayberry Lakes, the Daytona International Auto Mall and much of the commercial development east of I-95.

The latter includes Tanger Outlets, Tomoka Town Center mall, Sam’s Club and the distribution centers for Trader Joe’s and Amazon, as well as the future Buc-ee’s mega gas station/convenience store, and Sands Parc Apartments, Tomoka Pointe Apartments and 500 East Apartments. The contact information below is missing from your profile and is required to continue. You only need to enter these once.

Tomoka Property Management

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Full Service: A rental rate that includes normal building standard services as provided by Landlord within a base year’s rent.

Industrial Gross: A form of Modified Gross lease where the tenant pays one or more of the expenses in addition to the rent. Exact details must be confirmed for each rental.

Modified gross: Modified gross is a general type of lease rate where the lessee will typically be responsible for their proportionate share of one or more of the expenses. The lessor (landlord) pays the remaining expenses. For example: Plus Electric means the tenant pays the rent plus their own electricity expense, or Plus Janitorial means the tenant pays the rent plus their own janitorial expense. Both of these are types of modified gross leases which can vary from tenant to tenant.

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Plus All Utilities: A type of modified gross lease where the tenant is responsible for their pro rata share of utilities in addition to the rent.

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Plus Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportionate share of the cleaning in addition to the rent.

Plus Electric: A form of modified gross rent where the tenant is responsible for their proportionate share of the electricity cost in addition to the rent.

Plus Electricity & Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportionate share of the electricity and cleaning costs in addition to the rent.

Tomoka Property Management

Plus Utilities and Char.: A form of modified gross lease where the tenant is responsible for their pro rata share of utility and cleaning costs in addition to the rent.

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TBD: TBA; used for buildings for which services are not known because the buildings have not yet been built.

Tenant Electric: Landlord pays for all services and Tenant is responsible for their use of lights and electrical outlets in the space they occupy.

Triple Net (NNN): A lease where the tenant is responsible for all expenses associated with their proportionate share of the occupancy of the building.

Tomoka Plaza, a 72,000 SF shopping/office center in Ormond Beach, FL. Highly visible location with excellent signage options and tenant mix. Good access from Nova Road with plenty of parking. Only 1 mile south of Granada Boulevard, 2 miles north of LPGA Blvd, less than 5 miles from I-95. Join longtime tenants Fenrich Jewelers, Wash-Up Laundromat, V Discount Beverage, Bamboo Garden Restaurant, Sunrise Cafe, Dollar Floor, Space Coast Credit Union, Check on Hold and others. Tomoka Plaza, Ormond Beach, Florida

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Outer Ormand Beach Retail Property at 745 S Nova Rd, Ormond Beach, FL 32174 is currently available. Contact Nova Property Management for more information.

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Tomoka Property Management

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Nova Property Management

Live it. Love it! at Tomoka Pointe! As of Tuesday, June 21st, Tomoka Pointe has joined the Venterra family! Located in vibrant Daytona Beach, Tomoka Pointe offers you a well appointed home in a desirable location! Was a stone’s throw from the Outlet Mall with several dining and retail options just minutes away. Each of our apartments offers granite countertops, stainless steel appliances, oversized closets and a washer and dryer. Residents of our community enjoy beating the Florida heat with a dip in the pool, honing their grilling skills at the poolside grill, fitting in a quick workout in our well-equipped fitness center, or relaxing with a game of pool in our clubhouse. 97% of Venterra communities are top rated and we look forward to adding Tomoka Pointe to that list! Schedule a virtual or in-person tour to see what all the fuss is about. You will experience a move-in experience so unique, we guarantee it with our Live it. Love it. Guarantee.TM We are here for you and ready to answer your call 24/7.

Tomoka Pointe is located in Daytona Beach, Florida in the zip code of 32114. This apartment community was built in 2019 and has 4 stories with 276 units.

Venterra accepts up to 3 pets. The fees listed are for one pet. Please contact the office for additional pet fees. Race restrictions apply.

Venterra accepts up to 3 pets. The fees listed are for one pet. Please contact the office for additional pet fees.

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See All Hours Office Hours Friday 9:00am 6:00pm Saturday 10:00am 5:00pm Sunday Closed Monday 9:00am 6:00pm Tuesday 9:00am 6:00pm Wednesday 9:00am 6:00pm DAYTONA BEACH — Just over a year after welcoming its first residents, Tomoka Pointe Apartmentsbehind Tomoka Town Center shopping center has sold for 57 .1 million dollars.

It’s the highest paid for an apartment complex in Volusia County and comes on the heels of record sales for two mobile home parks in the Daytona Beach area.

Tomoka Property Management

The buyer of the 276-unit Tomoka Pointe Apartments is an investor group with offices in South Florida and Atlanta, Georgia, Ryan Moody said.

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Halo, Saya adalah penulis artikel dengan judul Tomoka Property Management yang dipublish pada August 25, 2022 di website Smallcave

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