May 7, 2019
Griffin Industrial Realty has closed on the sale of approximately 280 acres of undeveloped land in Simsbury, CT for approximately $7.7 million in cash, before transaction costs. The buyer plans to use the land to generate solar electricity.
The sale had been in the works since January 2016, when Griffin and the unidentified buyer entered into an option purchase agreement, which was amended this past January.
The buyer received regulatory approvals for the solar development in fiscal 2018, but a lawsuit arose that challenged the approvals. It has since been settled, clearing the way for the sale to close.
At closing, the sale proceeds were placed in escrow for the potential purchase of a replacement property or properties via a 1031 exchange. Griffin expects to record a pretax gain of approximately $7.4 million on this transaction in the second quarter of the fiscal year ending Nov. 30.
For comments, questions or concerns, please contact Paul Bubny