Griffin Land & Nurseries Inc. now may have to drop nursery from its name.
Griffin said today it has completed the sale of its Imperial Nurseries, Inc. business to California-based Monrovia Nursery Co. for $5.1 million. Imperial primarily grows ornamental shrubs, roses and perennials.
The sale includes Imperial’s inventory and a long-term lease on most of a 500-acre farm in East Granby. Monrovia, which also has operations in Oregon and Georgia, has an option to purchase all or portions of the land during the lease.
Anthony Galici, Griffin’s chief financial officer, told me today Griffin decided to sell the nursery operations because they weren’t considered a primary operation for Griffin, and the company wanted to focus on its real estate business.
Among Griffin’s major holdings is the New England Tradeport, which straddles Windsor and East Granby. The tradeport encompasses 600 acres with 15 buildings and more than 2.6 million square feet. Another two million square feet could be built in the future.