Newhall Investment to Dissolve Company

Newhall Investment Properties, a commercial real estate concern in Valencia, will be dissolved Monday and its assets turned over to a liquidating trust.

Newhall Investment was created five years ago to sell commercial properties that were spun off from Newhall Land & Farming Co., a real estate and agricultural concern that is developing Valencia. The last of those properties is now in escrow, so Newhall Investment is dissolving.

The trust will close the sale of the remaining property and hold all of the company’s remaining cash and equivalents, which will total about $5.8 million, said Robert D. Wilke, a Newhall Investment general partner.

The trust will manage the money while any remaining legal issues are resolved, and then distribute most of the funds to Newhall Investment’s 4.44 million unit holders. The distribution is expected to total $1.30 a unit, and should occur in about a year if no legal challenges develop, he said.

Newhall Land is a partnership whose units are publicly traded on the New York Stock Exchange, as were Newhall Investments’ units. However, Newhall Investment’s units stopped trading at the close of last Friday’s session, and the company said its unit holders of record this Friday would become beneficiaries of the liquidating trust.