Consolidated-Tomoka sells 30 acres of land in Daytona Beach for $3.2m

Consolidated-Tomoka Land sold a 30-acre tract of raw land in Daytona Beach, Florida, for $3.2m. The name of the buyer was not disclosed. The land is on the east side of Interstate 95 across from Florida Hospital. The new owner intends to build a 300-unit residential project on the site. As part of the deal, the buyer has the option to purchase an additional 19 acres for approximately $2m. That sale would close prior to 2020. Consolidated-Tomoka, year-to-date, has sold more than 2,600 acres of land for a total of approximately $47.5m or $18,000 per acre.