Intel sells property for $28M/Murrphy Development plans to build 5 buildings at the site / By Roger Showley6:14 p.m.Sept. 18, 2014Intel has sold its 30.9-acre corporate headquarter site in Scripps Ranch for $28 million to longtime industrial developer Murphy Development, company President R. Michael Murphy announced Thursday. He said the location at Scripps Ranch Boulevard and Meanley Drive, immediately east of Scripps Ranch High School, will be developed into a 500,000-square-foot, $200 million corporate headquarters campus with construction to start in about a year. The project will be called Scripps Ranch Technology Park. Acquiring 31 acres of improved land in a campus setting in San Diegos midcity markets presents an extraordinary opportunity, Murphy said. The location, freeway access and corporate setting are unmatched. Pacific Cornerstone Architects has begun design work and Lusardi Construction will be the general contractor and development of five buildings will move forward on a speculative basis with or without tenants already signed. There have been virtually no (speculative corporate) buildings built in San Diego in the last five to eight years, Murphy said. So this is a chance for us to do state-of-the-art architecture thats really sustainable. Local approval dates back to the mid-1980s and Scripps Ranch planners have guarded against rezoning industrial and office park locations for other uses. At one time, it was looked at as a possible middle school site, but the San Diego school board built south of Pomerado Road instead. Theres no disagreement with the community on what should go there, Murphy said. What we want to do is make the community extremely happy with the tenants we attract. He said a local defense contractor and Fortune 500 company have already expressed interest in relocating to the site. Intel bought the site for $31.3 million in 2001 as a potential growth site and considered building 1 million square feet of buildings to house up to 4,000 workers. But in 2005, Intel began relocating its San Diego workers to Oregon and put development plans for the site on hold. Murphy, who has been primarily focusing on developing industrial and warehouse buildings in Otay Mesa, said he had monitored the site for many years and leaped at the chance, along with other developers, to buy it. Most mid-county industrial and office land is occupied and would have to redeveloped or rebuilt if new construction is desired, he said. Beyond the impact on Scripps Ranch, Murphy said it may now be San Diegos turn to see an upsurge if commercial development for technology, defense and engineering companies. Seattle, San Francisco, west L.A. and northern Orange County have really been roaring for the last two years, he said, and we believe that its San Diegos time and that well see pronounced increase activity in San Diego.
Posted on: Fri, 19 Sep 2014 04:08:46 +0000
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