How Rare Are Developer Repurchases?

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 GlobeSt.com. 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.

Brent Bohlken and Bryan Teel of NGKF represented the seller in the transaction, while and Murphy represented itself.  The property, which will be rechristened the Campus at San Diego Business Park, is located at 2001 and 2055 Sanyo Ave.