30.91 acres in the Scripps Ranch Business Park Total consideration: $19.15 million
About the property: The property consists of five vacant finished lots ranging from 4.62 to 8.18 acres on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive. The lots are situated just blocks from Interstate 15 and offer views ranging from the coastline to the backcountry. Walking trails surround the property and shopping and entertainment venues are close by.
Intel Corp. purchased the property in 2000 for $28 million and, at one time, had plans to construct a 1 million-square-foot corporate campus.
Closing the deal: The buyer was Scripps Ranch Technology Park LLC, whose manager is Murphy Development Co., a longtime San Diego developer.
The seller of the property was Intel Corp.
Chris Pascale and Brent Wright of CBRE represented the seller.
“This land, with its central San Diego location and excellent access to I-15, is an outstanding opportunity for companies looking to locate in the award-winning and amenity-rich Scripps Ranch Business Park,” Pascale said.
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.
“Murphy Development recognized this opportunity and had the foresight to acquire all of the lots on speculation as the availability of vacant employment land in San Diego is almost non-existent. Scripps Ranch Technology Park complements their other holdings in San Diego County and offers their corporate customers a choice that was formerly not available. It was a very astute purchase on their part,” Pascale said.