Toshiba America has acquired property in Irvine.

The company will build a 350,000-square-foot facility valued at about $35 million for its industrial electronics business division, which is currently located in Tustin. The research, development and manufacturing center, scheduled for completion in fall, 1986, will employ at least 500 people, including 300 now employed in Tustin. The company, a wholly owned subsidiary of Toshiba Corp. of Japan, also will manufacture medical products such as X-ray diagnostic systems at the Irvine facility.