Newhall Investment Cites 66% Gain in 1st Quarter

Newhall Investment Properties, a commercial real estate concern in Valencia that is in the process of liquidating, said its first-quarter profit rose 66% from a year earlier.

In the quarter ended March 27, Newhall Investment earned $3.04 million, or 68 cents per unit, compared with $1.83 million, or 41 cents per unit, a year earlier. Its revenue fell to $467,000 from $1.46 million.

Newhall Investment, which is organized as a partnership whose units are publicly traded, is selling the properties it owns in the Valencia area, about 35 miles northwest of downtown Los Angeles. The partnership now has one property remaining in its portfolio, and proceeds from the properties are being paid to Newhall Investment’s unit holders.