September 26, 2019
Consolidated-Tomoka Land Co., based in Daytona Beach, FL, acquired a 15,500-square-foot store in the Long Island hamlet of Oceanside, NY long-term leased to Party City Corporation. Situated on 1.24 acres at 3098 Long Beach Rd. on Long Island’s South Shore, the property traded for $7.1 million.
The party supplies store is situated along a major retail corridor in Oceanside, with a three-mile population of approximately 154,000 and approximately 10 years remaining on the current lease.
The initial investment cap rate was above the mid-point of the range in the company’s 2019 guidance. This acquisition from an undisclosed seller is expected to be part of a 1031 like-kind exchange.
Year to date, Consolidated-Tomoka has acquired nine single-tenant income properties for an aggregate of approximately $90 million. This represents 90% of the mid-point of the company’s 2019 guidance for income property acquisitions.
Pictured: A Party City store.
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