Aerojet Rocketdyne Holdings, Inc. [AJRD] on Monday said it has closed the sale of a portion of its land holdings in Northern California for a potential value of $57 million to WestLand Capital Partners, L.P., part of the company’s ongoing effort to monetize the property.
Aerojet Rocketdyne’s subsidiary, Easton Development Company, LLC, sold 703 of its 6,000 acre Easton Mater Plan.
The price of the deal includes $6.7 million that has been held back until environmental regulatory approvals are obtained for about 150 acres.
“This transaction is an important step in our continuing development and monetization of the Easton property,” Eileen Drake, president and CEO of Aerojet Rocketdyne Holdings, said in a statement.
The land that was sold will be developed into mixed housing units, commercial space, schools, parks and trails in Folsom, Calif. Easton Development still has 5,300 acres in its plan for further mixed use development.