Wednesday, November 3, 2021
By Thor Kamban Biberman
The Campus at San Diego Business Park, a Class A industrial complex in Otay Mesa, has been acquired by
LaSalle Investment Managers for $158.5 million, Cushman & Wakefield announced Nov. 3.
The seller was Murphy Development Co.
Jeff Chiate, Jeffrey Cole, Bryce Aberg, Ed Hernandez, Mike Adey, and Zach Harman, of Cushman & Wakefield’s
national industrial advisory group, represented Murphy Development in the transaction. Cushman & Wakefield’s
Brant Aberg, along with Andy Irwin and Joe Anderson of JLL, provided leasing advisory services.
“The Campus was a rare market opportunity for an investor to acquire a significant industrial portfolio of high
quality, institutional quality assets with a strong tenant profile,” Chiate said in a statement. “The project is ideally
positioned at a ‘main and main’ location in the Otay Mesa submarket, with excellent proximity to multiple
freeways and logistical routes, the U.S./Mexico border points of entry, and several airports, providing unsurpassed
regional, national and international access.”
The 673,267-square-foot, three-building property at 2001, 2055 and 2065 Sanyo Avenue is located near Amazon’s
new 3.4-million-square-foot distribution facility, and within a mile of State Route 905, providing excellent
freeway identity and access served by three freeway off-ramps, JLL stated in a brochure.
In January 2017, Murphy Development purchased a 538,000-square-foot, two-building portion of the Campus at
San Diego Business Park from Panasonic Corp. of North America. Murphy originally master-planned and
developed the project for Sanyo Corp. in 1986. Sanyo Corp. was acquired by Panasonic in 2010.
JLL, the parent of LaSalle, was marking the property for lease at the time of the sale.
Murphy Development completed a $15 million renovation at the Campus in 2017 that includes new landscaping,
outdoor amenities, new energy-efficient glass, new lobbies, additional dock-high and grade doors, and solar
system upgrades. The completely fenced and secure property is C-TPAT (Customs-Trade Partnership Against
Terrorism) certified, which expedites international cargo processing.
“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 San Diego Business Park,”
promotional materials stated. “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 San Diego Business Park occupant when its initial building was completed in 1986.”
The buildings are located in a Foreign Trade Zone Magnet Site, and the entire property is fully fenced in, has
onsite security throughout, and has an on-campus café.
The first Campus at San Diego Business Park building is a 324,756-square-foot structure at 2001 Sanyo Avenue.
It was the first modern industrial building in Otay Mesa when it was completed by Murphy Development in 1986.
The property has 145-foot-deep dock loading, 13 total trailer positions, a 1/1,000 parking ratio, a 48-by-56-foot
column spacing, and a concrete truck yard.
The tenants at 2001 Sanyo include Panasonic, Brokerage and Logistics Solutions, and medical device distributor
A 208,692-square-foot building at 2055 Sanyo Avenue has six dock-high doors, a 4/1,000 parking ratio, and is a
quarter-mile to the Otay Mesa Port of Entry, and SR 905 and SR 11. The building is adjacent to the new Amazon
Tenants at 2055 Sanyo Avenue include kSaria, a fiber optics products supplier, the General Services
Administration, and Murphy Development.
LaSalle Investment Management operates in 15 countries and 22 offices worldwide. It is one of the world’s
leading real estate investment managers. On a global basis, it manages approximately $73 billion of assets in
private equity, debt and public real estate investments as of the second quarter of 2021. The firm sponsors a
complete range of investment vehicles, including open- and closed-end funds, separate accounts and indirect
Murphy Development’s first two Otay Mesa projects were the 80-acre, 1.35 million-square-foot San Diego
Business Park and the 155-acre, 2 million-square-foot Brown Field Business Park.
Murphy Development is underway on pre-leasing its fourth Otay Mesa development, the Brown Field
Technology Park. The project is located on Otay Mesa Road, across from the City of San Diego owned Brown
Field Airport. The development is situated at the Britannia Boulevard diamond interchange for State Route 905.
Brown Field Technology Park is fully entitled and master planned for up to 2 million square feet of corporate,
industrial, technology, and office product.
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