Attached files
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| 8-K - PENNSYLVANIA ACQUISITION - INDUS REALTY TRUST, INC. | pennsylvania.htm |
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NEWS
FROM:
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Exhibit
99.1
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GRIFFIN
LAND & NURSERIES, INC.
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CONTACT:
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Anthony
Galici
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Chief
Financial Officer
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(860)
653-4541
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GRIFFIN ANNOUNCES AGREEMENTS
TO ACQUIRE AN INDUSTRIAL BUILDING AND UNDEVELOPED LAND IN
PENNSYLVANIA
NEW YORK, NEW YORK (November 25,
2009) Griffin Land & Nurseries, Inc. (Nasdaq: GRIF) (“Griffin”) announced that it has entered into two
separate purchase agreements to acquire: (i) an approximate 120,000 square foot
industrial building in Breinigsville, Pennsylvania; and (ii) an approximate 51
acre parcel of undeveloped land in Lower Nazareth, Pennsylvania. The
properties were auctioned separately by the Trustee of the bankruptcy estate of
the sole owner of the entities that own these assets.
The building and the undeveloped land
to be acquired are located in two of the major industrial areas in the Lehigh
Valley. The building to be acquired was built in 2007 and is
leased to a full building tenant for the next six and one-half
years. The undeveloped land to be acquired is expected to support the
development of two industrial buildings totaling approximately 530,000 square
feet. The purchase price for these two acquisitions, before closing
costs, is approximately $8.2 million. These two transactions would be
Griffin’s first real estate acquisitions outside of the Hartford, Connecticut
market, where Griffin Land’s core real estate holdings are
located. Closing on each of these acquisitions is subject to several
conditions, including the completion of due diligence on the properties to be
acquired. The closings are anticipated to take place in late December
2009 or January 2010. There is no guarantee that these acquisitions
will be completed under their current terms, or at all.
Griffin
operates a real estate business, Griffin Land, and Imperial Nurseries, Inc., its
landscape nursery business. Griffin 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, Inc.
Forward-Looking
Statements:
This
Press Release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange
Act. Although Griffin believes that its plans, intentions and
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such plans, intentions or expectations will be achieved,
including whether and when the transactions to purchase the industrial building
and undeveloped land in Pennsylvania currently under contract will
close. The projected information disclosed herein is based on
assumptions and estimates that, while considered reasonable by Griffin as of the
date hereof, are inherently subject to significant business, economic,
competitive and regulatory uncertainties and contingencies, many of which are
beyond the control of Griffin.