Newhall Land Ends Kaufman & Broad Pact
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Newhall Land & Farming Co. said it has terminated its partnership with Kaufman & Broad Home Corp. to develop the 1,900-acre City Ranch development in the Antelope Valley.
The breakup will result in a $4.5-million loss that Newhall Land will record in its third-quarter earnings period.
Newhall Land, which developed the planned community of Valencia, said it pulled out of the project to focus its financial resources on repurchasing its partnership units.
Executives for Westwood-based Kaufman & Broad said the home builder remained “committed to the development of City Ranch.”
Both companies formed the partnership to develop the 4,500-home development in August 1999.
Newhall Land invested $16 million in the partnership in the form of cash and a note payable to Kaufman & Broad.
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