REAL ESTATE

Senior Living Dampens HCP Q2

Irvine-based healthcare real estate investment trust HCP Inc. reported funds from operations—FFO, the REIT equivalent of earnings—of $0.35 per share, down from $0.51 per share in the first quarter and $0.71 per share a year ago.

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NB Property in Record $55M Sale

A 3.5-acre Newport Beach property overlooking the harbor sold for an Orange County record of $55 million.

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Sunstone Buys Key West Resort

Aliso Viejo-based Sunstone Hotel Investors Inc. has paid $175 million for a newly-built resort property in Key West, Fla.

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Email Delivery Firm to Irvine

SendGrid announced today that it’s signed a lease for a new office space in Orange County.

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Hotel Construction Down; Planning Up

The number of hotels and rooms under construction in Orange County as of the end of June declined year-over-year but the number of hotels and rooms in development—which includes hotels in planning—is up.

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Ivascyn: Yields Could Stay Low

Dan Ivascyn, chief investment officer of Newport Beach-based Pacific Investment Management Co., told Barron’s that bond yields could stay low for a long time.

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Acupuncture Franchise Signs OC Developer

Golden State Management Corp. in Lake Forest plans 25 to 30 locations of Modern Acupuncture in OC over the next three years, part of a commitment of 65 sites that includes San Diego County and the Inland Empire.

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Dale Dykema Dies

Dale Dykema died Tuesday, July 4, at age 87.

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Another ROC Lawsuit Resolved

The Irvine Company reached agreement with Real Office Centers on one of the properties about which it had filed an eviction-based lawsuit against ROC, an Irvine Co. spokesman told the Business Journal.

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Mesa Verde Tees Up $7.3M Upgrade

Mesa Verde Country Club in Costa Mesa is getting a makeover.

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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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