Valencia-based Newhall Land & Farming is the largestdeveloper in the Santa Clarita Valley. Its partnership units aretraded on the New York Stock Exchange under the symbol. NHL.
The four apartment buildings were sold for $79 million cash and$50 million of assumed debt. Newhall Land officials won't identifythe buyer, other than to say it is a real estate investmenttrust.
Newhall Land officials say they'll use at least part of the saleproceeds to buy back more of their publicly traded partnershipunits through a program announced several months ago. The companysold four of its office buildings to LA-based Properties Group justa few weeks ago and also has been selling some of its shoppingcenters and raw land.
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