Griffin Land & Nurseries Inc. recently purchased an approximately 300,000-square-foot warehouse facility in Manchester, Conn.
The purchase price of $13.5 million was paid in cash at closing principally using the proceeds Griffin received from its recently completed sale of approximately 130 acres of undeveloped land in Windsor and East Granby, Conn.
The warehouse facility was owner occupied prior to this transaction but was vacant at closing and is being marketed for lease by Griffin Land, Griffin’s real estate division. This acquisition will increase the square footage in Griffin Land’s portfolio of warehouse and light industrial properties by approximately 30 percent, according to a press statement.
Griffin operates a real estate business under its Griffin Land division and a landscape nursery business, Imperial Nurseries Inc.