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2/01/17
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Murphy Development Company (MDC) recently closed on the purchase of a two-building, 540k sf industrial property in the Otay Mesa submarket of south San Diego County. Additionally, NGKF has negotiated a lease-back with the seller, Panasonic Corporation, for 229.4k sf of the space as part of the transaction.
Located at 2001 and 2055 Sanyo Ave, the properties were built in 1986 and 1992 respectively and are situated on just under 37 acres of land. Also included in the sale was a fully entitled land parcel, which the buyer plans to develop.
Brent Bohlken and Bryan Teel with NGKF represented the seller, Panasonic. The buyer repped itself in the transaction. Bohlken and Teel also negotiated Panasonic’s new five-year lease within the 2001 Sanyo Avenue building.
“Murphy, a very active developer and owner in the Otay Mesa submarket, saw the opportunity to add value and meet the demands of users in this very tight industrial market. Panasonic as well as new users will also be able to take advantage of the new infrastructure and roadways that have been improved over the last few years,” said Bohlken.
Bolkhen added: “Panasonic, which is currently within portions of both buildings, will be able to soon enjoy better efficiencies within one building, as well as upgrades and new amenities within the asset.”
MDC had originally built the campus for Sanyo, which was acquired by Panasonic in 2010. MDC plans to rename, renovate and reposition the campus over the coming months in order to attract tenants and lease up the remaining vacancy. Some of the upgrades include new landscaping, updating the solar panel system, modernizing office areas, and adding dock and grade doors. MDC will also add a café, a physical fitness facility, and outdoor amenities including break areas.
The transaction also included new lease negotiations with several on-site cell towers with a total of five different providers including AT&T and T-Mobile.
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