Newhall spokeswoman Marlee Lauffer refused to comment for GlobeSt.com late Wednesday, but added that "the company is in talks" with "a respected real estate investor." No one at RREEF, a real estate investment and advisory firm with more than $12 billion in assets, would confirm or deny that the transaction is pending.

Yet, other brokers in the area tell GlobeSt.com that the rumored sale of Valencia Town Center is already a done deal. "The mall has been sold and RREEF is the buyer," says one well-connected broker.

Located in the triangle formed by Magic Mountain Parkway, McBean Parkway and Valencia Boulevard, the enclosed mall is anchored by Robinsons-May, JCPenney and Sears department stores. Combined with more than 100 smaller tenants, it's the largest mall in northern LA County.