SAN DIEGO – In a serendipitous move, Murphy Development Company (MDC) has purchased the 542,197-square-foot, two-building campus at the San Diego Business Park (SDBP) on Otay Mesa from Panasonic Corporation of North America. In 1986 MDC built the campus for Sanyo, which was acquired by Panasonic in 2010. In addition to the $28 million purchase price, MDC plans to invest $15 million in upgrades.
Jamie Ragucci, Tim Greiner, Brent Bohlken and Bryan Teel of Newmark Grubb Knight Frank represented the seller in the transaction and Murphy represented itself.
The property, which will be rechristened The Campus at San Diego Business Park, is located at 2001 and 2055 Sanyo Avenue. The buildings are strategically located contiguous to the SR 11 and within a few hundred feet of SR 905, providing excellent freeway identity and access. Panasonic will lease approximately 70 percent of the 329,000-square-foot 2001 Sanyo Avenue building after MDC completes 42,000 square feet of new office improvements.
The remaining 94,000 square feet of Class A industrial space in the 2001 Building and 209,700 square-feet in the 2055 Building will be marketed for lease. The Campus also includes a seven-acre fully entitled parcel of land, which MDC plans to develop into either a 150,000- square-foot freestanding building or to expand the 2055 Building into a 350,000-square-foot building.