Griffin Land & Nurseries completed the sale of its landscape nursery business subsidiary Imperial Nurseries to Monrovia.

The transaction includes a sale of Imperial’s inventory and certain other assets for an initial cash payment of approximately $840,000 received at closing (subject to certain adjustments) and a note receivable for $4,250,000 to be paid in two installments: June 1 and June 1, 2015. Substantially all of Imperial’s operations and sales personnel are being employed by Monrovia.

The transaction also includes a long-term lease to Monrovia of most of the land, land improvements and other fixed assets (collectively the “Land and Improvements”) that were used by Imperial in its Granby, Conn., growing operations. Monrovia also has an option to purchase all or portions of the leased Land and Improvements during the lease term.