REAL ESTATE

Rhoades Ewing Development Co., Newport Beach, paid The Irvine Co. $1.8 million for 2.5 acres in the company’s giant Spectrum office and industrial park at the junction of the San Diego and Santa Ana freeways in Irvine.

Rhoades Ewing said it would build a 41,000-square-foot industrial building for lease. The building, at Technology and Irvine Spectrum drives, will be completed in October.

Grubb & Ellis Commercial Real Estate Services handled the transaction.