SAN DIEGO (July 9, 2007) – Murphy Development Company has sold a 225,763-square-foot building, occupied by General Dynamics NASSCO at 8511 Kerns Street, San Diego, to a core commingled fund advised by ING Clarion Partners, LLC for $24.9 million. This is the third of three buildings ING Clarion Partners has purchased at Siempre Viva Business Park (SVBP) this year, bringing their total investment in the park to $66.5 million and their holdings there to 577,807 square feet.
The building was built to meet the exacting specifications and heavy loads required by General Dynamics NASSCO, which is the first year of a seven-year lease. Specialty requirements included an enhanced slab both inside the warehouse and in the adjoining truck yard that ranges from 8 to 12 inches thick, five oversized grade-access doors, 32-feet minimum clear height, and 115,356-square-feet of secured outdoor storage.
Earlier this spring, ING Clarion Partners LLC purchased two buildings, totaling 352,044 square feet, at SVPB for $41.6 million. The transaction included Building 11, 8917 Kerns Street, San Diego 92154, a 103,908-square-foot facility with office, warehouse, and manufacturing space built for Kojima America, which is in the first year of a five-year lease, and Building 14, 8409 Kerns Street, San Diego 92154, a 248,136-square-foot corporate and warehouse building, which is 50 percent leased by VF Outdoor, Inc., which is in the second year of a seven-year lease.
ING Clarion, is the U.S. investment management arm of ING Real Estate; together, ING Clarion and ING Real Estate have $126 billion in real estate assets under management, making ING one of the largest real estate investment managers in the world.
Murphy Development Company/Siempre Viva Business Park, the seller, was represented by Glenn Whitmore, Andrew Scandalios and Jeffrey Julien from Holiday Fenoglio Fowler, L.P. in New York; and Timothy Wright and Aldon Cole from the firm’s San Diego office. The buyer was represented by Michael McCann, a senior vice president of ING Clarion Partners.
“Siempre Viva Business Park’s stellar corporate image and state-of-the-art buildings represented an excellent opportunity for us,” said McCann. “These are the premier properties within the market. We see this as a continuation of a long-lasting business relationship with the Murphy Development team.”
“Siempre Viva Business Park’s reputation as a magnet for Fortune 500 Companies provided a major incentive to ING Clarion,” said Wright. “It was clear that the quality of the tenants, buildings and SVBP’s corporate design combined to create desirable assets with long-term growth potential.”
Murphy Development Company is the largest commercial real estate developer on Otay Mesa. The firm has completed in excess of 3.7 million square feet of space on Otay Mesa and has plans for an additional 3.5 million square feet of corporate industrial, technology, and office space.