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.
