Two Executives Acquire Newport Beach Firm
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Two top executives of the Santa Anita Development Corp. have completed the previously announced purchase of the Newport Beach commercial and industrial real estate firm for $16.3 million--$7.5 million in notes and $8.8 million in cash--from its parent company.
Santa Anita Operating Co., whose realty affiliate owns the Santa Anita race track, announced last month that it would sell Santa Anita Development, its 25-year-old subsidiary primarily known for building neighborhood shopping centers, to President Gary Hamilton and Executive Vice President William A. Steele.
Hamilton and Steele have formed a new real estate company named SDC Development, a spokesman for Santa Anita Operations said.
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