Shuwa Corp. of California : Japanese Firm Will Buy Irvine Complex

Continuing its buying spree in Orange County, Shuwa Corp. of California, a Japanese real estate investment company, has agreed to pay $10.85 million for a 65,000-square-foot office and high-tech complex in Irvine.

The seller is National Capital Real Estate Trust, a San Francisco-based equity real estate investment trust. The trust said Thursday that Shuwa had entered a definitive agreement to purchase the Irvine Commercial Center and that the sale is scheduled to close April 1.

National officials said the two-story buildings included in the transaction are located close to Costa Mesa Freeway and are fully leased by Rolm Corp. and Circle K Corp.

“It surprised me that they wanted our little buildings,” said Herb Jaffe, National’s president.

Last September, Shuwa grabbed the attention of the real estate industry when it paid $620 million for Arco Plaza in downtown Los Angeles. It also has been active in Orange County, where its purchases have included the Downey Savings & Loan building in Costa Mesa, for $28 million, and the Taco Bell headquarters building in Irvine, for $64 million.

In addition, Shuwa is in escrow on a number of other Orange County properties and has been purchasing commercial buildings in the county since 1985.

In all, the company has spent more than $230 million on Orange County real estate, including several housing projects built in 1979 and 1980.