Japanese Firm Buys 18-Acre Parcel Across From MainPlace/Santa Ana
Japan’s largest consumer credit company has purchased an 18-acre parcel of undeveloped land across from MainPlace/Santa Ana for $23.5 million, a representative of the Japanese firm said Friday.
Orient Finance Co., which has more than $29 billion in total assets, paid slightly more than $1.3 million an acre to acquire the site from the Hurwitz family.
According to area real estate observers, the price appears to have set a local record for land sold without approvals for development.
The parcel, on north Main Street just east of the regional shopping mall, was considered highly desirable because of its visibility and traffic flow.
“Rarely do you see a lot that size sell for so much without building permits,” said Scott Perley, a vice president at Coldwell Banker in Santa Ana.
Perley said design and approval of possible projects--ranging from a hotel-office center to a retail complex--could take a year or longer.
“We haven’t entered negotiations with any developers yet,” said Robert Brasch, president of Pacific Partners, a Beverly Hills investment and consulting group that is advising Orient Finance on the land purchase and its future development.
Brasch said the buyers will work with local developers and architects to build a commercial project on the site.
According to Bob Hoffman, an official in Santa Ana’s Community Development Agency, the city will work closely with the new owners to ensure that any development is in the best interests of the community.
“The city of Orange is adjacent to that property, so any development of that area will have an impact on them, as well” Hoffman said. “Obviously, we’ll be working with them whenever we’re given development proposals.”
Brasch said his group already has been informed that the city of Santa Ana is widening Owens Drive, the southern boundary of the property, to accommodate traffic for MainPlace/Santa Ana.
Because a small portion of the parcel will be absorbed by the road widening, city planners have discussed the possibility of swapping a small piece of land next to Main Place/Santa Ana for the area affected by the street project.
Orient Finance is planning to open its first U.S. office in Orange County, Brasch said, focusing on real estate acquisition and other investments. Although no headquarters site has been chosen, the firm is looking at a number of locations and may open a facility by the end of the year, he said.
