Centex Buy to Shut Pacific Gateway’s Doors
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Another independent home-building firm has bitten the dust.
Centex Homes of Dallas has completed its purchase of Aliso Viejo-based Pacific Gateway Homes, a small firm operated by Canadian developer Ken Field.
Actually, only Pacific Gateway’s land holdings changed hands. Of Pacific Gateway’s 30 employees, only three went over to Centex, including Rita Lamkin (one of the few woman CEOs in home building), Jim Guccione and project manager Gina Gordon.
Centex Division President Roland Osgood said the main attraction was residential land that Pacific Gateway owns or is acquiring near Corona and Pico Rivera. The firm’s Aliso Viejo office is staying open for at least 45 days to finalize some projects and complete home warranty work, Osgood said.
Pacific Gateway built 300 homes last year, generating gross revenue of $55.3 million. It was formed in 1989 by Field and Mission Viejo Co. executive Harvey Stearn.
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Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at [email protected]
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