PACIFIC LIGHTING <PLT> CONSIDERS UNIT SALE Pacific Lighting Corp said it is considering the sale of its land development line of business and will be initiating discussions with potential buyers. The book value of the company's investment in land development operations is 224 mln dlrs. The Pacific Lighting Real Estate Group earned 24.2 mln dlrs and employed 800 people during 1986, the company said. Alternatives to the sale being considered include a master limited partnership and an initial public offering of the equity in the land development companies, it said. Proceeds from the sale would likely be invested in Pacific Lightings' new specialty retailing line of business and its oil and gas operations, the company said. The investment banking firm Morgan Stanley has been retained to advise Pacific Lighting on the disposition of the land development operations. Completion of a transaction, it one is made, is expected by the end of the year, the company said.