NEW YORK, Aug. 3 /PRNewswire-FirstCall/ – Griffin Land & Nurseries, Inc. (Nasdaq: GRIF) (“Griffin”) announced that its landscape nursery business, Imperial Nurseries, Inc. (“Imperial”), has entered into an agreement for the lease of, and grant of an option to purchase, Imperial’s Quincy, Florida production nursery to Tri-B Nursery, Inc. (“Tri-B Nursery”), a member of the Berry family of nurseries. A preliminary agreement for this transaction was announced several weeks ago. The agreement with Tri-B Nursery provides for a six-year lease of the Florida facility and grants Tri-B Nursery an option to purchase the facility at any time during the lease period at a price that has been agreed upon.
Imperial had previously announced the closing of its Florida production facility. Imperial’s nursery operations in Granby, Connecticut are not affected by this transaction and Imperial expects to continue to operate its Connecticut farm.
In addition to its landscape nursery business, Griffin operates a real estate business, Griffin Land. 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 Holdings Corp., a private company that operates a landscape nursery distribution business through its subsidiary, Shemin Nurseries, Inc.