February 1, 2017
San Diego-based Murphy Development Co. acquired a 542,197-square-foot, two-building office campus in Otay Mesa, CA from Panasonic Corporation of North America for $28 million. Murphy plans to invest an additional $15 million to upgrade the 37-acre site and re-christen it The Campus at San Diego Business Park.
The developer originally built the facility in 1986 for Sanyo, which Panasonic acquired in 2010. Panasonic plans to consolidate and remain as the lead tenant, after completing a sale-lease back to occupy roughly 70% of a 329,000-square-foot building.
The Campus also includes a seven-acre, fully-entitled parcel of land, envisioned as either a 150,000-square-foot freestanding building, or an expansion of an existing building into a 350,000-square-foot facility.
NGKF’s Brent Bohlken and Bryan Teel represented the seller, while Murphy was self-represented. NGKF also negotiated the lease.
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