Murphy Development Plans Technology Park; Recho Holdings Buys Scripps Ranch Flex Building

Murphy Development recently announced that it had completed the acquisition of a large land parcel in the Scripps Ranch Business Park from seller Intel Corporation. The land involved in the transaction was previously acquired by Intel fourteen years ago in a deal worth approximately $28 million. Located in central San Diego, the land is set to become the site for a massive commercial real estate development that will cater to tech companies.

Murphy Development has acquired a 31-acre parcel in Scripps Ranch Business Park from Intel Corp. The company will rebrand the property Scripps Ranch Technology Park and plans to develop one- to three-story corporate headquarters buildings and R&D facilities on five lots ranging in size between 4.6 and 8.2 acres.

The lots are located on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive, and offer easy access to I-15 via three access points: Mira Mesa Boulevard, Pomerado Road and Carroll Canyon Road. The projects would conform to the zoning and entitlements in place for Scripps Ranch Business Park Phase III, which is the home of tenants such as Lockheed Martin, Paychex and CoreLogic.
Scripps Ranch Technology Park is also near walking trails, retail centers, Lake Miramar, Scripps Ranch Library and Scripps Ranch High School.

In another recent industrial transaction, Recho Holdings L.L.C. paid close to $3.5 million for 9745-9747 Businesspark Ave. (pictured), an industrial/R&D building in Scripps Ranch. Recho will occupy the first floor, and the second floor will be operated as executive suites.

The seller, Dealy Family Trust, was represented by Colliers International’s Ty Moffatt, David Harper and Kyle Moffatt, while Recho was represented by Evan McDonald, also of Colliers.