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Griffin Land & Nurseries Inc's Griffin Land Closes Acquisition Of Undeveloped Land

Monday, 31 Dec 2012 12:31pm EST 

Griffin Land & Nurseries Inc announced that its real estate division, Griffin Land, closed on the previously announced acquisition of an approximate 49 acre parcel of undeveloped land for approximately $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 recission rights if the required approvals are not obtained or the seller does not complete certain post-closing obligations. 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. 

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