VALENCIA, CA-Newhall Land & Farming Co, developers of this northern Los Angeles County planned community, will apparently sell its 800,000-sf Valencia Town Center mall to Chicago-based RREEF, industry sources say.

Newhall spokeswoman Marlee Lauffer refused to comment for late Wednesday, but added that “the company is in talks” with “a respected real estate investor.” No one at RREEF, a real estate investment and advisory firm with more than $12 billion in assets, would confirm or deny that the transaction is pending.

Yet, other brokers in the area tell that the rumored sale of Valencia Town Center is already a done deal. “The mall has been sold and RREEF is the buyer,” says one well-connected broker.

Located in the triangle formed by Magic Mountain Parkway, McBean Parkway and Valencia Boulevard, the enclosed mall is anchored by Robinsons-May, JCPenney and Sears department stores. Combined with more than 100 smaller tenants, it’s the largest mall in northern LA County.

RREEF, a real estate advisory firm that represents several pension fund clients, has recently gone on a buying spree in the West. It agreed to buy the 800,000-sf Stadium Plaza business park in the Orange County community of Anaheim for about $60 million a few weeks ago and announced the purchase of two major Arizona projects over the past several days.

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