Griffin Land & Nurseries ( GRIF) agreed to sell 130 undeveloped acres in Connecticut to Walgreen ( WAG) for $13 million. The New York-based developer and landscape nursery said the land is located in the New England Tradeport, Griffin Land's 600-acre industrial park in Windsor and East Granby, Conn. The completion of this transaction is contingent on government approval of Walgreen's proposed construction of a distribution facility on the land, among other things. Obtaining the required approvals and due diligence on this transaction are expected to require a number of months, with a closing expected to take place in mid-2006 if all conditions are satisfied. Griffin expects to record a substantial pretax gain on the transaction. Its shares last traded at $29.15.