Newport homebuilder reports rise in income William...

Newport homebuilder reports rise in income

William Lyon Homes, on Thursday, reported a 57% rise in

bottom-line income for the first quarter, as compared to a year ago.

The Newport Beach-based homebuilder reported income coming in at

$4.88 million, or 49 cents, up from $3.11 million, or 29 cents per

share, during the first quarter of 2002.

William Lyon benefited from a rise in new home prices, which

offset a decline in sales. The company recorded its 20th consecutive

quarter of positive earnings, a string dating back to April 1998.

“We continue to make significant strides in improving and

simplifying our capital structure,” said Chairman and Chief Executive

William Lyon.

William Lyon, which sells homes in California, Nevada and Arizona,

saw net new home orders fall 19% to 757 from 935. The average sales

price for the company’s California homes, during the quarter, was

$545,800, a 32% jump from a year ago.

Shares of WLS closed out the week, during trading on the New York

Stock Exchange, at $30.35, logging a 1.85% rise Friday.

Costa Mesa office building purchased for $2.1 million

A Buena Park-based investors’ group has purchased a two-story

concrete tilt-up office building in Costa Mesa.

Orange Investment Partnership closed escrow on the

19,271-square-foot property in late April. The group purchased it for

$2.1 million, a commercial real estate firm said.

The building is on 1.4 acres of land at 3587-3589 N. Harbor Blvd.

Engineering firm Marmac Field Services occupies 11,000 square feet of

the building now.

About 75% of the building is comprised of office space. The

remainder is available for industrial uses.

Orange Investment Partnership bought the property from Fielder

Family Trust of Orange County, DAUM Commercial Real Estate Services

said. DAUM’s Chris Migliori brokered the sale along with Mike

Miesenbach and Brian Garbutt of Lee & Associates.