Newhall Land to Sell Project for $25 Million

Newhall Land & Farming Co., a Valencia real estate developer, has agreed to sell its 3,200-acre McDowell Mountain Ranch residential project in Scottsdale, Ariz., for about $25 million.

The company expects to net about $22 million from the sale when the deal closes in April. It plans to use part of the money to repurchase units.

Chairman and Chief Executive Thomas L. Lee also said at the company’s annual meeting Wednesday that Newhall Land is on track to meet the goal it established last year of averaging at least 30% growth in earnings annually for five years.

The company also announced the appointment of James R. Wheeler as vice president of residential Valencia. He joins Newhall Land from Castle & Cooke Homes Inc., a Los Angeles real estate development company.