In January 2017 Murphy Development Company (“MDC”) purchased a 538,000 square-foot two-building campus at the San Diego Business Park (“SDBP”) in Otay Mesa from Panasonic Corporation of North America. MDC originally master planned and developed the project for Sanyo Corporation in 1986. Sanyo Corporation was acquired by Panasonic in 2010.
The Campus at San Diego Business Park is located at 2001 and 2055 Sanyo Avenue. The buildings are strategically located contiguous to SR 11, and within a mile of SR 905, providing excellent freeway identity and access served by three freeway off-ramps.
Panasonic will lease approximately 70% of the 329,000 square-foot 2001 Sanyo Avenue building after MDC completes 42,000 square-feet of new office improvements. 2055 Sanyo Avenue is a 209,000 square-foot industrial and office building. Included in The Campus is a seven acre fully entitled land parcel which MDC plans to either develop into a 150,00 square-foot freestanding building, or expand the 2055 Building into a 350,000 square-foot building.
Murphy’s pioneering vision for Otay Mesa as San Diego’s most dynamic industrial growth area commenced with the entitlement, master-planning and development of the 1.3 million square foot SDBP. It was Otay Mesa’s first Class A corporate industrial park. MDC completed build-to-suits for Fortune 500 companies Sanyo, Casio and American Home Products. Additional buildings were successfully leased on a speculative basis to Maxell America, Hitachi Transport, Electrolux and Nippon Seiko. Sanyo was the first SDBP occupant when their initial building was completed in 1986.
MDC has begun the planned upgrades at The Campus which include new landscaping, replacing all office glazing with energy efficient glass, modernizing the office areas, updating the solar system, and adding dock and grade doors. Murphy will also add a café and outdoor amenities including break areas.