Griffin closes on $7.2 million acquisition of 49 acres

Griffin Land & Nurseries, Inc.'s real estate division, Griffin Land, closed on the acquisition of an 49-acre parcel of undeveloped land for $7.2 million. The land acquired is expected to support the development of two industrial buildings totaling 500,000 s/f. 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. 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.