REAL ESTATE

Bank of America’s Investment Real Estate Group is building a $12-million business park in Santa Ana for client Bay 511 Corp. of San Francisco.

MacArthur Park will cover six acres with four buildings containing 94,000 square feet of office and warehouse space. The bank bought the land from Cabot, Cabot & Forbes in 1975 and has since managed the property for Bay 511. At the time, there was a Rockwell International warehouse on the site, which was recently demolished because it was outdated.

The bank says land is so expensive in Orange County that few industrial buildings are being built, so it expects the new buildings to lease rapidly.