Chris Pascale and Brent Wright, of CBRE (NYSE: CBG), represented the seller of the Deal of the Week.
The deal was the sale of five vacant, finished lots totaling 30.91 acres in the Scripps Ranch Business Park, San Diego, for $19.15 million.
The buyer was Scripps Ranch Technology Park LLC, whose manager is Murphy Development Co., a long-time San Diego developer. R. Michael Murphy is president of Murphy Development. The acquisition was financed with a loan of $10,377,500 from Bank of the West.
The seller of the property was Intel Corporation (Nasdaq: INTL).
The property consists of five finished lots ranging from 4.62 to 8.18 acres on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive.
Murphy Development will rebrand the property the Scripps Ranch Technology Park, and plans to develop one to three-story corporate headquarters buildings and research and development facilities.
Intel purchased the property in 2000 for $28 million and, at one time, had plans to construct a million-square-foot corporate campus.