(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
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.
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
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.
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
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.