Griffin, Dollar Tree Close on Land Sale
The New England Tradeport property set to be developed into Dollar
Tree's regional distribution warehouse officially changed hands,
allowing for the beginning of construction on Stone Road.
Griffin Land recently announced the closing of a sale on a 93-acre
property located in the New England Tradeport for the price of $7
million, CNN reports. The plot of mostly-agricultural land to be developed into Dollar Tree's one-million-square-foot distribution center.
The sale has allowed for contractors to break ground and begin work on a project that would give Dollar Tree greater access to its stores throughout the Northeast and Southern Canada.
According to CNN, taxes on Griffin's sale are being deferred because the company has placed the proceeds from the sale in a special account with the intention of investing the funds into another undeveloped property that is currently unidentified.
The deferment has been achieved through an IRS loophole that encourages companies' investment in properties for development.
Financially, Griffin, which operates a real estate and landscape nursery business, has seen some tough times over the past year; however, the company returned to the black in the first quarter of 2012 after reporting a loss in excess of $.5 million in the fourth quarter of 2011, according to The Hartford Business Journal.
Much of the loss was the result of an unsuccessful harvest season following the record snowfall season in late 2010 and early 2011, HartfordBusiness.com reported.
The sale has allowed for contractors to break ground and begin work on a project that would give Dollar Tree greater access to its stores throughout the Northeast and Southern Canada.
According to CNN, taxes on Griffin's sale are being deferred because the company has placed the proceeds from the sale in a special account with the intention of investing the funds into another undeveloped property that is currently unidentified.
The deferment has been achieved through an IRS loophole that encourages companies' investment in properties for development.
Financially, Griffin, which operates a real estate and landscape nursery business, has seen some tough times over the past year; however, the company returned to the black in the first quarter of 2012 after reporting a loss in excess of $.5 million in the fourth quarter of 2011, according to The Hartford Business Journal.
Much of the loss was the result of an unsuccessful harvest season following the record snowfall season in late 2010 and early 2011, HartfordBusiness.com reported.
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