VALENCIA TOWN CENTER, OFFICES TO BE SOLD.Byline: Patricia Farrell Aidem Staff Writer VALENCIA - Negotiations are under way for the sale of the Valencia Town Center - the mall, office buildings and entertainment complex that make up the busiest retail district in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, , an official with The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. said Friday. Escrow is expected to close by the end of summer on the mall itself, the retail buildings along Town Center Drive and the entertainment center with its IMAX IMAX Noun a film projection process that produces an image ten times larger than standard theater, company spokeswoman Marlee Lauffer said. At the same time, Newhall Land expects to finalize the sale later this year with a second buyer interested in the three-story office building on Town Center Drive and Princess Cruises' three buildings, two of which are under construction, Lauffer said. Neither buyer was identified, nor were the selling prices of the various properties. Newhall Land also is accepting offers on the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. building east of the mall, and the Spectrum Club gym on Town Center Drive, including the 7.9 acres that surround it. Revenue from the pending sales will be reinvested into the company as part of a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program. Newhall Land announced plans last year to repurchase up to 6.4 million shares - about 20 percent of the outstanding shares at that time. The feeling is that the stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and offers a healthy investment for the Valencia-based developer. The sales will provide a cash infusion but substantially reduce the company's income from commercial properties, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its second-quarter report, released this week. During the past quarter, escrow closed on two neighborhood retail centers - in Castaic and in the Valencia Industrial Center, adding $18.8 million to revenues and $3.7 million to income. Revenue and income were down for the third quarter, which ended June 30. Revenue fell $63 million to $55.3 million over the same period a year ago and net income dropped $12.7 million to $6.3 million. Lauffer said the drops were not significant and that sales cannot be timed around quarterly earnings reports. In fact, Newhall Land expects its third straight record year, she said. |
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