Granary Square Sold in $15-Million Deal

Through a holding company, a Pacific Telesis pension fund paid Newhall Investment Properties $15 million for the Granary Square shopping center in Valencia, according to parties in the transaction.

The 120,600-square-foot shopping center on McBean Parkway at Arroyo Park Drive was completed in 1982 and is fully leased, said Grubb & Ellis, the realty firm that handled the deal. Tenants at the 13.7-acre site include a Hughes supermarket and a B. Dalton bookstore.

Newhall Investment was spun off in March, 1983, by Newhall Land & Farming as a vehicle for the sale of real estate assets. The Pacific Telesis company that bought Granary Square was QRE Holding Co.