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Theater's BK Kills Giant Mall Sale

LOS ANGELES-Newhall Land & Farming says deal to sell 800,000-sf retail portfolio has fallen out of escrow, blames last week's bankruptcy filing by Edwards Theatres.

By David W. Myers | Updated on August 29, 2000

LOS ANGELES-Newhall Land & Farming Co. says a deal it announced last week to sell 800,000 sf of retail space in its master-planned community of Valencia has fallen out of escrow, the latest—and biggest—casualty of last Wednesday’s bankruptcy filing by Edwards Theatres Circuit Inc.

The Santa Clarita-based development company said last week that it had agreed to sell its 675,000-sf Valencia Towne Center mall and 125,000-sf Valencia Entertainment Center in northern LA County. Though Newhall Land wouldn’t disclose the buyer, GlobeSt.com learned from other brokers than it was Chicago-based investment and advisory giant RREEF.

But now, Newhall Land says the deal has fallen apart because of Edwards Theatres’ Chapter 11 bankruptcy filing. Newhall Land says the 800,000-sf portfolio that it had agreed to sell includes two Edwards theaters with 21 screens plus a giant IMAX complex, which accounted for a combined 16% of the portfolio’s total income in the first six months of the year.

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