September 4, 2019
Consolidated-Tomoka Land Co. acquired the Alpine Valley Music Theatre, an amphitheater with a seating capacity of 37,000, located in East Troy, WI. The $7.5-million transaction increases the Florida-based company’s geographic footprint to 16 states.
Central to several metropolitan areas, including Chicago, Milwaukee and Madison, WI, the facility is net leased to Live Nation Entertainment. The lease term includes annual rent increases and has 11 years remaining.
“This iconic venue leased by Live Nation brings not only a high-quality asset but a strong tenant to our portfolio,” said John P. Albright, Consolidated-Tomoka’s president and CEO. “This investment brings our acquisitions year to date to approximately $83 million.”
Including this transaction, the company’s income property portfolio consists of 50 properties, 46 of which are single-tenant. This acquisition was made through Consolidated-Tomoka’s line of credit, and is expected to be part of a 1031 like-kind exchange.
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