(NYSE: CTO) (the “Company” or “CTO”) today announced the joint venture entity that holds the remaining Daytona Beach land portfolio of approximately 1,600 acres (the “Land Venture”) has entered into a binding contract with Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”), for the sale of substantially all of its remaining land, including any land that was previously under contract, for $67.0 million (the “Land Venture Sale”).

“This transaction underscores our belief in the continued growth of central Florida, providing a range of strategic development opportunities including a 4.5 million square foot institutional-grade logistics park, numerous multi-family residential sites, and a host of retail and other commercial uses. We look forward to continuing the excellent work done by John and the CTO team over the past years in creating a commercially vibrant destination in West Daytona.”

Forestar Group, Inc. formerly known as Forestar Real Estate Group Inc. operates in two business segments: real estate and natural resources. The real estate segment owns directly or through ventures real estate. The natural resources segment manages acres of oil and gas mineral interests. In addition, the company also sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses.