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.
RREEF, a real estate advisory firm that represents several pension fund clients, has recently gone on a buying spree in the West. It agreed to buy the 800,000-sf Stadium Plaza business park in the Orange County community of Anaheim for about $60 million a few weeks ago and announced the purchase of two major Arizona projects over the past several days.
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