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Griffin (GRIF) Closes Purchase Of Undeveloped Land In Pennsylvania

 December 31, 2012 01:55 PM

(By Balaseshan) Griffin Land & Nurseries Inc. (NASDAQ: GRIF) said its real estate division, Griffin Land, has closed the purchase of 49-acre parcel of undeveloped land for about $7.2 million, before closing costs.

The land acquired, located in Hanover Township in the Lehigh Valley of Pennsylvania, is expected to support the development of two industrial buildings totaling at least 500,000 square feet.

As the approvals for such development are not yet in place, the seller agreed to provide Griffin Land with rescission rights if the required approvals are not obtained or the seller does not complete certain post-closing obligations.

[Related -Archer Daniels Midland Company (ADM) Dividend Stock Analysis]

The funds used to acquire this land were principally the cash proceeds from Griffin Land's July 7, 2012 sale of undeveloped land to Dollar Tree, Inc. which were held in escrow since that date in order to qualify for a section 1031 like-kind exchange for income tax purposes.

The New York-headquartered Griffin is engaged in real estate business and a landscape nursery business. Griffin operates in two segments: real estate business and landscape nursery businesses.

Griffin also has investments in Centaur Media Plc, a public company based in the United Kingdom and listed on the London Stock Exchange, and Shemin Nurseries Holding Corp., a private company that operates a landscape nursery distribution business through its subsidiary, Shemin Nurseries Inc.

GRIF remains unchanged from previous close of $26.47. The stock has been trading between $23.33 and $34.25 for the past 52 weeks.

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