Murphy Development Trades $27M San Diego Property
- Mar 28, 2018
Murphy Development Co. has sold an industrial asset in San Diego’s Otay Mesa district for $26.5 million. The buyer, Ajinomoto Foods North America, is a frozen foods producer. The sale price marks the highest price per square foot of any industrial building in Otay Mesa to date, according to Murphy Development.
Located at 8411 Siempre Viva Road, the 165,763-square-foot structure sits a mile and a half from the U.S.-Mexico border’s Otay Mesa port of entry. A heavily industrial area, Otay Mesa is home to a number of major tenants including FedEx, Bose and Imperial Toy.
The buyer simultaneously acquired both Circle Foods from Tyson and Building 16 from MDC. The property was initially developed specifically for Circle Foods, though Tyson Foods took over their lease in 2013. Once Tyson vacates the property in April this year, Ajinomoto will renovate the building to facilitate the company’s food processing operations.
Having recently completed the 121,790-square-foot Building 18, Murphy Development intends to begin one more industrial project at Siempre Viva Business Park, with the 79,050-square-foot Building 17 currently in planning stages. The development team for all three SVBP buildings includes architect Gene Cipparone, K&S Engineering and Lusardi Construction Co.
Image courtesy of Murphy Development Co.