FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential.
Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa.
Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.