The Newhall Land & Farming Co. said it has sold two undeveloped residential properties to separate developers for a total of $11.2 million.
James F. Dickason, chairman of the Valencia-based real estate and agricultural concern, said the sales will add $8.8 million, or 43 cents per partnership unit, to net income for the third quarter.
For the second quarter, Newhall earned $9.6 million, or 50 cents per partnership unit, up 63% from a year earlier. Sales rose 31%, to $38.3 million. (Newhall's partnership units are traded just like shares on the New York Stock Exchange.)
One of the parcels sold, 100 acres in the Hasley Canyon section of the Newhall Ranch north of Valencia, sold for $6.7 million to Presley of Southern California, a home-building unit of Pacific Lighting. The Irvine-based developer is expected to build 290 homes on the site, Newhall said.
The other parcel is a 43-acre section of the Cowell Ranch in Concord, near Oakland. It was sold for $4.5 million to Braddock & Logan, a developer based in San Leandro. Newhall said the City of Concord has approved plans for residential development on the site.