REAL ESTATE
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Catellus to Acquire Home Builder: As part of the consolidation in the local real estate industry, San Francisco-based Catellus Development Corp. agreed to pay $9 million in stock for the Akins Co., a longtime, family-owned Orange County home builder. The new company will be called Catellus Residential Group and be based in Irvine. Founded by Ed Akins and run by his two sons, Akins Co. is one of Southern California’s larger home builders. It has constructed nearly 10,000 homes in the Southland, among them residences in Mission Viejo, Rowland Heights and Tustin. Last year it sold 640 homes. Like many builders, Akins has suffered in the real estate downturn.
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