Japanese Buy Site Near Anaheim Stadium

A six-story office building near Anaheim Stadium has been sold for $19.7 million to a Japanese company, which plans to add two more office towers to the 7.6-acre site, negotiators of the deal said Monday.

Tobishima Development Co. Inc. bought the building on the northwest corner of the intersection of Orangewood Avenue and State College Boulevard in Anaheim from Connecticut Life Insurance Co.

Tobishima, a California subsidiary of Tokyo-based Tobishima Corp., an engineering and construction company, already owns four county buildings, all in Santa Ana: two office towers at Hutton Centre, the Ebasco Building at 3000 West MacArthur Boulevard and another at 2020 E. 1st Street.

Jim Kniest, director of marketing/acquisitions for Hutton Development Co., said Tobishima plans to build two more high-rises of 10 and 12 stories at the Anaheim site. The new buildings will more than quadruple the amount of office space to 586,000 square feet, he said.

Hutton Development Co. has been a partner with Tobishima Development in its county real estate ventures for three years, Kniest said.

Tobishima owns 50% of Hutton Development, he said.

The newly purchased office complex now called State College Plaza will be renamed Hutton Stadium Centre, Kniest added. Ground breaking on the 12-story building is scheduled for the first quarter of next year.

Kniest said the Anaheim purchase, completed July 12, reflects Tobishima’s interest in the potential of the central county office market.