Westinghouse Sells Real Estate Division

Westinghouse Electric Corp. has reached agreement with a group of Florida investors to sell its real estate business, a person familiar with the deal said Friday.

The source, who spoke on the condition of anonymity, said that a group led by Al Hoffman, owner of Florida Design Communities of Tampa, will complete the purchase of Westinghouse Communities Inc. later this month.

The Wall Street Journal estimated the cost at about $550 million.

The Westinghouse real estate company had $718 million in assets and generated almost $248.4 million in revenue in 1994. It develops and manages luxury residential communities in California, Florida and Arizona.