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June 8, 2021

INDUS to sell 670-ac. Granby nursery property for $10.3M

Photo | Facebook A crop of Dwarf Alberta Spruces growing at INDUS' former business unit, Imperial Nurseries, in 2012.

INDUS Realty Trust said it has agreed to sell its Connecticut Nursery Farm property, which straddles the East Granby-Granby border, for $10.3 million.

INDUS did not name the buyer. However, California-based Monrovia Nursery Co. acquired INDUS’ former nursery unit in 2014 and has a long-term lease for the Granby land. That lease is in effect until the end of 2023, and contains a purchase option.

Monrovia did not respond to a request for comment Tuesday morning.

The sale of the 670 acres, expected to close later this year, marks a nearly complete separation for New York-based INDUS from its legacy business model.

After selling its nursery business for $5.1 million, the company, formerly known as Griffin Land & Nurseries, changed its name to Griffin Industrial Realty to reflect its evolving focus.

Griffin, which adopted its latest INDUS name in late 2020, announced in April that it has a sale deal pending for its other remaining nursery asset, 1,066 acres of land in Quincy, Florida. That $1.1 million sale is slated to close during the current quarter.

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