REAL ESTATE

Carpet Manufacturer Closes Doors

Royalty Carpet Mills Inc., a longtime area carpet manufacturer based in Irvine, has closed, as have several affiliated companies.

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HCP in $26M Building Buy

An affiliate of Irvine-based HCP Inc. bought the two-building Scripps Wateridge Corporate Center office campus in Sorrento Mesa, a neighborhood in northwestern San Diego County, for $26.1 million, according to CoStar Group and public data.

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One Irvine Co., ROC Suit Resolved

The Irvine Co. reached an agreement with Newport Beach-based Real Office Centers on one of the properties it had filed an eviction-based lawsuit against the company over, an Irvine Co. spokesman told the Business Journal.

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Kellogg Leaving La Palma

Michigan-based Kellogg Co. is shuttering its distribution center in La Palma and cutting 280 jobs there, according to a Worker Adjustment and Retraining Notification the cereal and snack giant filed with the state Employment Development Department.

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PHG President and COO Departs

Pacific Hospitality Group in Irvine said president and Chief Operating Officer Steve Arnold resigned; it named Robb Walker to replace him as chief operating officer. Founder and Chief Executive Tim Busch will add the president’s role.

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Stearns Buys Georgia Lender

Santa Ana-based mortgage lender Stearns Lending LLC said it acquired the wholesale, nondelegated correspondent and consumer-direct lending businesses of Primary Capital Mortgage LLC.

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Hotel Developer to Lay Off Staff

FJS Inc. said in a regulatory filing it would cut 121 jobs in Anaheim.

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OCers Get Ellis Island Awards

Several Orange County residents, as well as others with ties to OC, are recipients of the 2017 Ellis Island Medal of Honor.

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OC-Backed Pebble Beach Expands

Pebble Beach Co. in August will open 38 new rooms under the name Fairway One, at The Lodge at Pebble Beach.

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LPA Opens Dallas Office

Irvine-based design firm LPA Inc., the largest architectural firm in Orange County, opened a new office in Dallas, its sixth U.S. location.

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FivePoint Communities Goes Public

FivePoint Communities Inc., the Aliso Viejo-based real estate developer that’s running Irvine’s Great Park Neighborhoods and other large housing projects in the state, completed its initial public offering on Wednesday, raising close to $300 million.

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First American Picks Gilyard

First American Financial Corp. in Santa Ana appointed Reginald “Reggie” Gilyard to its board of directors.

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Balboa Opens Pacific NW Office

Balboa Capital, a Costa Mesa-based provider of business loans and equipment financing, opened an office in Spokane to expand in the Pacific Northwest.

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FivePoint Eyes Buyback of Broadcom Campus

FivePoint Communities Inc. confirmed it is considering buying back the under-construction campus of Broadcom Ltd. at Irvine’s Great Park Neighborhoods.

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Healthcare REITs to Merge

Sabra Health Care REIT Inc. in Irvine and Care Capital Properties Inc. in Chicago plan an all-stock merger that’s expected to close in the third quarter.

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