Andy Irwin Irwin: “Larger or fee developers who will go in and move on a space and try to do as much volume as possible don’t typically reacquire sites for development purposes. We straddle the line between developer and investor.”

SAN DIEGO—It’s rather uncommon for a developer to buy an asset back decades after building it, but it worked for Murphy Development Co.’s repurchase of San Diego Business Park, for which the company will invest $15 million in upgrades, SVP and director of marketing Andy Irwin tells MDC recently purchased the 542,197-square-foot, two-building office/industrial campus on Otay Mesa from Panasonic Corporation of North America, a property that the company built in 1986 for Sanyo, which was acquired by Panasonic in 2010. In addition to the $28-million purchase price, MDC plans to invest $15 million in upgrades.