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.â€
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.
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