Key Developments: Griffin Land & Nurseries Inc (GRIF.W)
29.68USD
21 May 2013
$-0.20 (-0.67%)
$29.88
$29.68
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$33.74
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Latest Key Developments (Source: Significant Developments)
Griffin Land & Nurseries Inc Announces Lease Signing
Griffin Land & Nurseries Inc announced that its real estate business, Griffin Land, signed a five-year full building lease for its 228,000 square foot warehouse facility in the Lehigh Valley of Pennsylvania that was completed in the latter part of fiscal 2012. Griffin Land will seek a mortgage loan on that building and, if such mortgage is obtained, intends to use the mortgage proceeds to fund the development of a second building on the same Lehigh Valley land parcel. The building to be constructed is expected to be approximately 300,000 square feet. Full Article
Griffin Land & Nurseries Inc's Griffin Land Closes Acquisition Of Undeveloped Land
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. Full Article
Griffin Land & Nurseries Inc Announces Annual Dividend
Griffin Land & Nurseries Inc announced that its board of directors has declared an annual dividend of $0.20 per share on the Company's common stock. The dividend is payable on December 6, 2012 to holders of record at the close of business on November 28, 2012. Full Article
Griffin Land & Nurseries Inc's Griffin Land Announces Agreement To Acquire Undeveloped Land in Pennsylvania
Griffin Land & Nurseries, Inc. (Griffin) announced that its real estate division, Griffin Land, has entered into an agreement to acquire an approximate 49 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania for $7.2 million, before closing costs. The land to be acquired, located in Hanover Township, is expected to support the development of two industrial buildings totaling at least 500,000 square feet, although there are no approvals currently in place for such development. Closing on this land purchase is subject to several conditions, including the satisfactory outcome of due diligence to be performed. The closing is anticipated to take place in late 2012 or early 2013. There is no guarantee that this transaction will be completed under its current terms, or at all. Full Article
Griffin Land & Nurseries, Inc. Announces Management Change
Griffin Land & Nurseries, Inc. announced that its Board of Directors has appointed Michael S. Gamzon, Griffin's Executive Vice President and Chief Operating Officer, to the position of President and Chief Operating Officer. Griffin also announced that Frederick M. Danziger, Griffin's President and Chief Executive Officer, has been appointed to the position of Chairman of the Board of Directors and Chief Executive Officer. The position of Chairman had been vacant since the death of Edgar M. Cullman last year. Both of these appointments are effective immediately. Full Article
Griffin Land & Nurseries, Inc. Announces Agreement for Land Sale
Griffin Land & Nurseries, Inc.announced that its real estate division, Griffin Land, has entered into a Purchase and Sale Agreement for the sale of approximately 93 acres of undeveloped land for $7 million in cash, before transaction expenses. The land to be sold is part of New England Tradeport, Griffin Land's industrial park located in Windsor and East Granby, Connecticut. The completion of this transaction is contingent on a number of factors, including the buyer obtaining all necessary final permits and approvals from governmental authorities for the construction of a distribution facility on the site it would acquire. Full Article
Griffin Land & Nurseries, Inc. Announces Closing On Sale Of Manchester, Connecticut Warehouse
Griffin Land & Nurseries, Inc. announced that it has closed on the sale of its 308,000 square foot warehouse in Manchester, Connecticut to the lessee in that facility. The facility was sold for cash of $16.0 million, before transaction costs. Griffin expects to report a gain, before taxes, of approximately $3.0 million from this transaction in its 2012 first quarter results. Under generally accepted accounting principles, this transaction is expected to be reported under discontinued operations in the 2012 first quarter. At closing, the proceeds were placed in escrow for the potential purchase of a replacement property under a Section 1031 like-kind exchange although Griffin has not yet identified a potential replacement property. If a Section 1031 like-kind exchange transaction is not completed, the escrowed funds will be returned to Griffin. Full Article
Griffin Land & Nurseries, Inc. Announces Fourth Quarter Dividend And Changes In Future Dividend Payments
Griffin Land & Nurseries, Inc. announced that its Board of Directors has declared a quarterly dividend of $0.10 per share on the Company's common stock. The dividend is payable on December 6, 2011 to holders of record at the close of business on November 29, 2011. The Company also announced that its Board has considered its dividend policy for succeeding years and decided that, beginning in fiscal 2012, the Company, rather than continuing to pay a quarterly dividend, will consider the payment of an annual dividend at the end of its fiscal year. Full Article
Griffin Land & Nurseries, Inc.'s Chairman Edgar M. Cullman Passes Away
Griffin Land & Nurseries, Inc. announced that Edgar M. Cullman, Chairman of the Board of Directors, passed away on August 28, after a brief illness. Mr. Cullman was Chairman of Griffin since it became a public company upon its spinoff from Culbro Corporation in 1997. Full Article
Griffin Land & Nurseries, Inc. Announces Quarterly Dividend
Griffin Land & Nurseries, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on Griffin's common stock. The dividend is payable on September 1, 2011 to holders of record at the close of business on August 25, 2011. Full Article
Wilson emerges from Griffin's shadow in Seattle win
LANDOVER, Maryland - Seattle quarterback Russell Wilson left Washington in nobody's shadow after securing a huge road playoff win for the Seahawks on Sunday after the shakiest of starts.
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