An Irvine real estate investment company wants to buy the vacant land across from the Marbella Plaza.
Known as “Lot 217,” it’s been city-owned ever since the original developer of Marbella Country Club and gated community dedicated it to the city for some public or institutional use in 1998.
The city declared the irregularly-shaped lot as “surplus property” in 2005, and after some legal wrangling with the Marbella Development Co. and a previous would-be buyer, finally put the 4.8-acres on the market again last year.
According to a packet for Tuesday’s San Juan Capistrano City Council meeting, a number of bidders made an offer.
Staff is recommending the council accept the $3.6 million bid from Accretive Realty. According to its website, it acquires, develops and manages real estate, and current projects include medical buildings in Aliso Viejo, Fullerton and La Quinta and a multipurpose office building in Pasadena.
Accretive will have 120 days to research the property, and if there are no issues, escrow will close no more than 15 days after that.
Because of the settlement with Marbella, that company will receive 25 percent of the proceeds from the sale.
The council meets at 6 p.m. Tuesday at City Hall.