Newhall Land Completes Sale of Northbridge Lots
Newhall Land & Farming completed the sale of 238 single-family lots in its Northbridge residential development in Valencia for $43 million to Bramalea California, a unit of Trizec Corp. of Canada.
The sale, which covers 87 acres, will add about $23 million to Newhall’s third-quarter profit and an additional $7 million in coming years as the project is completed, Newhall said.
The company said sale proceeds would be used to reduce bank debt that Newhall incurred earlier this year to repurchase some of its units. Newhall is a master limited partnership whose ownership units trade like shares of stock.
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