Newhall Land Pulls Out of City Ranch Development
Newhall Land & Farming Co., Valencia, said it has divested its 50.1% interest in a joint venture relationship with Kaufman & Broad of Southern California Inc. to develop City Ranch in Palmdale.
Newhall Land’s initial investment in the 1,900-acre, 4,500-home project was $16 million, including $4 million in cash and a $12-million note payable to Kaufman & Broad. A loss of about $4.5 million will be recorded in the third quarter of this year.
Newhall Land said it plans to focus its resources on its unit repurchase program.
The company develops new towns and master-planned communities, including Valencia, on its holdings in north Los Angeles County.
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