Murphy Development Kicks Off San Diego Spec Project
- May 17, 2018
Murphy Development has broken ground on its 79,050-square-foot Building 17 of Siempre Viva Business Park in San Diego. The firm has hired Lusari Construction to serve as general contractor for the Gene Cipparone-designed industrial asset. JLL will market the speculative property to prospective tenants.
Located at 8500 Kerns St. in the city’s Otay Mesa submarket, the development site is positioned within a mile and a half of the nearest port of entry to Mexico and the Otay Mesa Freeway. The surrounding area is home to a large number of industrial facilities—including Murphy Development’s Building 18, which landed a new tenant last year.
Low supply, high demand
“Otay Mesa is experiencing industrial vacancy rates at historical lows,” said JLL Vice President Andy Irwin, who will lead the leasing team, in a prepared statement. “Since the start of 2015, we have seen the average asking rent for Otay Mesa industrial climb by 47 percent. Very little development has occurred in the market, leaving a robust tenant pool with very few options.”
Plans for Building 17 call for 24 loading docks, four grade-level doors, 28-foot clear heights and a 192-foot truck court. Additionally, the $11.9 million structure will feature 52- by 54-foot column spacing, 141 parking spaces and a 2,000-amp, 277/480-volt three-phase power connection.
Image courtesy of Murphy Development