Newhall Land Weighs Offers for Shopping Center
The Newhall Land & Farming Co., a Valencia-based real estate development firm, said it is considering offers to buy its Bouquet Shopping Center in Valencia. Newhall said the expected sale would contribute $10 million to $12 million to the company’s earnings.
Built in 1985, the center has 150,000 square feet of commercial space on 12.3 acres of land, Newhall said. A supermarket, drugstore, department store and a number of smaller retailers are located at the center.
Thomas L. Lee, chief executive of Newhall, said: “The sale is in line with the company’s strategy of selectively selling our more mature income properties as we develop additional projects.”
Lee said that this year, the company plans to start seven new commercial projects valued at more than $160 million.
The company, a limited partnership, previously said it plans to purchase 600,000 Newhall units--the equivalent of shares of stock--in the open market because the company’s board of directors believes that the units are undervalued.