Consolidated-Tomoka Land Co. announced the purchase of Crossroads Towne Center, an approximately 254,000 square foot retail center in Chandler, Arizona, for $61.8 million, representing a going-in cap rate of approximately 7.85%. Crossroads, located in the Phoenix MSA, is approximately 11 miles from Tempe and is 99% occupied. Crossroads is anchored by Home Depot and Wal-Mart, two properties that were not part of the Company’s acquisition, as well as a 12-screen Harkins Theatre and Bob’s Discount Furniture. Also included are multiple outparcels leased to tenants including, but not limited to, Chick-fil-A, JPMorgan Chase and Olive Garden. Additionally, Crossroads is located directly across the SanTan Freeway from Rivulon, the 250-acre mixed use development anchored by Deloitte. The weighted average lease term for the leases of all 32 tenants at Crossroads is approximately 5 years. Crossroads will be managed by Vestar and leased by JLL on behalf of the company. This acquisition was purchased using the remaining 1031 like-kind exchange proceeds from the company’s October 2019 transaction with Magnetar Capital representing the sale of a controlling interest in the company’s remaining land portfolio for $97 million and a portion of the 1031 like-kind exchange proceeds from the sale of 20 assets to Alpine Income Property Trust in November 2019 (the “PINE Proceeds”). The company anticipates reinvesting the remaining PINE Proceeds of approximately $64 million in the first quarter of 2020.