San Diego-based Murphy Development Co. has purchased 30.9 acres of undeveloped land in the Scripps Ranch Business Park from Intel Corp., for an undisclosed price.
Santa Clara-based Intel purchased the property in 2000 for $28 million, with plans to construct a million-square-foot regional corporate campus that was never built. Chris Pascale and Brent Wright, of brokerage company CBRE Group Inc., represented Intel in the recent transaction.
Murphy Development officials said the acquired land includes five finished lots, ranging from 4.6 to 8.2 acres off Scripps Ranch Boulevard near Interstate 15 in San Diego’s Scripps Ranch submarket.
The developer plans to rebrand the property as Scripps Ranch Technology Park, with plans to develop one- to three-story corporate headquarters buildings and research and development facilities.
Murphy Development, led by President R. Michael Murphy, has done several industrial and office projects in Otay Mesa, recently including Brown Field Technology Park and Siempre Viva Business Park.