Catellus May Sell Irvine Building Unit
Squeezed by consolidation in the home building industry, Catellus Development Corp. said Tuesday that it is considering selling its Irvine residential construction arm, one of two run by the company’s Catellus Residential Group.
The company also said in a press release that brothers Carl and Bruce Akins, the residential group’s chairman and president, respectively, will leave the company at the end of March to pursue other opportunities.
Consolidation has swept a number of smaller independents out of the Southland home building industry. Small companies have found it difficult to compete against bigger, better-financed home builders, which have found land scarce for larger homes.
The residential group’s other division, a community development operation, will remain as part of the group, the company said.
The company’s Irvine operation built 350 homes last year, which ranked it as the Southland’s 29th-largest home builder. It is building at eight home sites in the region this year, including Talega, a master-planned community in San Clemente.
Catellus’ stock, traded on the New York Stock Exchange, closed at $12.56, down 13 cents.
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