NEW YORK—The real estate division of Griffin Land & Nurseries Inc., Griffin Land, has closed on the sale of approximately 93 acres of undeveloped land for $7 million in cash, before transaction expenses.

The land sold is part of New England Tradeport, Griffin Land's industrial park located in Windsor and East Granby, Conn.

Griffin expects to record a pretax gain on this transaction equal to most of the sale proceeds. At closing, the proceeds were placed in escrow for the potential purchase of a replacement property under a Section 1031 like-kind exchange although Griffin has not yet identified a replacement property. If a Section 1031 like-kind exchange transaction is not completed, the escrowed funds will be returned to Griffin.