The Commercial Real Estate Developer extended the lease for CVS Caremark Corp. in one of their Net Lease Investments. The Net Lease Property will undergo some expansion for CVS in its Tallahassee, Florida site. Amending an existing net lease to a 25-year term net lease was agreed upon by Landlord and Tenant. The amendment will reflect improvements to the net lease property which are expected to be completed in the second half of next year.
Consolidated-Tomoka, the Commercial Real Estate Developer also said it has agreed to a four-year net lease extension with Barnes & Noble. This Barnes & Noble is located in Daytona Beach. The net lease extension begins when the existing net lease is scheduled to expire in February. This Net Lease Investment, with Barnes & Noble as the Tenant is across from the Daytona International Speedway. This is one of the few Net Lease Properties with a large Book store in this area of Florida.
We believe the 2 Net Lease Properties above have rent increases with the new net lease agreements. Both of these Net Lease Investments posses strategic locations and that played in the Tenants decision to extend the net leases.
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