Newhall Sells Farmland at Ranch for $6.5 Million
Newhall Land & Farming Co., a Valencia-based real estate developer, said it has completed the sale of 539 acres of farmland on its 38,800-acre Suey Ranch near Santa Maria for $6.5 million. The unidentified buyer will continue to operate the property as a farm.
The sale will contribute about $5.8 million to Newhall Land’s net income for the first quarter ending March 31, the company said.
It added that a “significant portion” of the proceeds from the land sale may be used to repurchase Newhall Land units under a previously authorized plan to buy back up to 1.5 million of the securities.
Newhall Land also said it has extended the due-diligence period for the sale of its McDowell Mountain Ranch project in Scottsdale, Ariz., but it still hopes to complete the sale soon. That transaction would generate between $25 million and $28 million in cash, it said.
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