Murphy Development Company Sells 2 Building Portfolio in San Diego

HFF closes sale of 2-building industrial portfolio in San Diego
Otay Mesa Industrial

June 3, 2019 – HFF announces that it has closed the sale of a two-building industrial portfolio totaling 201,020 square feet in San Diego’s Otay Mesa submarket.

The HFF team represented the seller, San Diego-based Murphy Development Company. LaSalle Investment Management purchased the assets.

Situated on 14.62 acres within the two-million-square-foot Siempre Viva Business Park, the portfolio is located at 8500 Kerns Street and 2600 Melksee Street and features convenient access to San Diego’s major distribution corridors, including Interstates 5, 8, 15 and 805, which connect to Southern California’s vital trade routes. The portfolio is in San Diego’s Otay Mesa Industrial submarket, which is home to the highest concentration of Fortune 500 companies in San Diego and benefits from its proximity to the Otay Mesa Port of Entry at the United States/Mexico border. Originally constructed in 2016 and 2019, the portfolio properties feature 28- to 32-foot clear heights, wide truck courts, loading via 50 dock-high and eight grade-level doors and a low office build-out.

The HFF investment advisory team representing the seller was led by senior managing director Nick Psyllos and senior associate Kara Mathis.

“The sale of our last two buildings at the 2.1 million-square-foot Siempre Viva Business Park is bittersweet for us,” said Kaitlin Arduino, Murphy Development Company EVP. “We’ve had a successful track record in this park, which we started back in the early 2000s, landing a number of Fortune 500 tenants over the years, including Becton Dickinson and Mainfreight. Buildings 17 and 18 are outstanding assets, and we are thankful to HFF for finding us the best possible buyer.”

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