In a stunning move, Newhall Land Company, one of California's largest land owners, agrees to be acquired by Miami-based Lennar Corp., the nation's third-largest homebuilder.
In a deal that would mean a massive shift of Southern California property, century-old Newhall Land & Farming Co. � developer of the Valencia master-planned community and one of the state's largest landowners � agreed Monday to be acquired for $990 million by a partnership based in Miami... The 120-year-old [Newhall Land Co.] is trying to develop a second master-planned community in the region, the 12,000-acre Newhall Ranch, which is the largest single housing development ever approved by Los Angeles County."
Thanks to Chris Steins
FULL STORY: Florida Firm to Buy Newhall Land Co.
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