Newhall Land & Farming Co. said it sold its 3,950-acre Burrel Ranch, a farm property in the San Joaquin Valley, for $9 million.
The property, located southwest of Fresno, was bought by an investment fund that Newhall declined to identify. The sale will contribute about $6 million to Newhall’s net income for the fourth quarter ending Dec. 31, the company said.
The sale reflects Newhall’s strategy of shedding farm properties that do not have “future development potential,” Newhall Chairman Thomas L. Lee said in a statement. Newhall, based in Santa Clarita, is the developer of the master-planned community of Valencia in Santa Clarita.