Newhall Land Sells 4 Apartment Complexes

Newhall Land & Farming Co. of Valencia sold four of its apartment complexes--a total of 924 apartments--for $129 million in cash and assumed debt as the partnership looks to boost the price of the of its units and reduce debt.

The sale by Newhall will contribute about $74 million to fourth-quarter net income, the company said in a statement.

Newhall did not identify the buyer, a real estate investment trust.

Separately, Newhall sold some residential lots, 93 acres of commercial and industrial land and two shopping centers.

In aggregate, the sales will contribute $287 million to revenue and $102 million to the company’s income this year, Newhall said. Newhall also expects to close the sale of 16 acres of land for $11 million before the end of the year.

The company is no longer in the process of selling the Valencia Town Center regional shopping mall and entertainment center. A buyer terminated discussions in August because of Edwards Theatres Circuit Inc.’s bankruptcy filing.

Newhall also ended discussions with a potential buyer for its landfill and is terminating its lease with the current operator, who is suing the company.