Newhall Sells Farmland at Ranch for $6.5 Million
- Share via
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.
More From the Los Angeles Times
Podcasts
The latest effort is coming from the L.A. County Board of Supervisors. They just announced a $3 million program in conjunction with some nonprofits groups to test and clean the soil at homes still standing in the areas impacted by the Eaton Fire.
The Hillside Strangler murders terrorized Los Angeles in the late 1970s. The killers were a pair of sadistic cousins. One confessed. The other was set to stand trial—until L.A. prosecutors flinched.
Hosts Fidel Martínez and Suzy Exposito sit down with Dr. Vanessa J. Díaz, professor of Chicano and Latino Studies at Loyola Marymount University and co-author of P FKN R: How Bad Bunny Became the Global Voice of Puerto Rican Resistance.
