Newhall to Sell Valencia Acreage: Newhall Land...

Newhall to Sell Valencia Acreage: Newhall Land & Farming tentatively agreed to sell 238 single-family housing lots in Valencia to a Southern California home builder, which Newhall did not identify, for $43 million cash. Newhall, Valencia’s primary developer, said the sale should close by year’s end and contribute about $23 million to its 1989 earnings. Newhall also said its first-quarter profit fell 34% to $8.4 million, but noted the year-earlier earnings included $11.2 million from a land sale.