REAL ESTATE : Hyundai Motor to Pay $27 Million for Fountain Valley Facility, 18 Acres

Hyundai Motor America said it will pay $27 million for a 216,000-square-foot building on 18 acres at Talbert Avenue in Fountain Valley.

Selling was QB Cos. of Costa Mesa.

The building formerly housed ITT Cannon, Hyundai said. Hyundai will remodel that building, and early next year 525 employees will move in from seven leased buildings in Garden Grove.

In addition, the company will build a five-story, 175,000-square-foot office tower on the site. Construction is expected to begin in 1991 and finish in 1993. Hyundai will also build a four-level parking garage.

Hyundai America spent 3 years looking at “many attractive sites” in Orange and Los Angeles counties and in nearby areas, said President H.W. Baik.

The Korean car manufacturer opened its U.S. sales and marketing headquarters in one building in Garden Grove in 1985.