SAN FRANCISCO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Soma Capital Partners (SCP), a privately held real estate investment and advisory firm, today announced the purchase of Murphy Crossing (or the “Property”) in Milpitas, CA, located at 1001, 1011 & 1033 McCarthy Boulevard and 915 & 933 Murphy Ranch Road.
Built in 1994 to serve as Octel Communication Corporations’ global headquarters, Murphy Crossing is exceptionally designed with steel-frame construction, floor-to-ceiling glass lines, 14’ slab heights and extensive tenant amenities including an on-site cafeteria, and outdoor volleyball and basketball courts across a 21-acre campus setting. The property is 100% leased to a diverse set of tenants spanning the technology and healthcare sectors.
Soma Capital Partners acquired the property through a programmatic joint venture with Timbercreek Asset Management (Timbercreek), a Toronto-based institutional investor with over $10 billion of assets under management. The joint venture targets core-plus and value-add investments in high-growth markets. Murphy Crossing marks the fifth acquisition totaling more than one million square feet in the office and retail sectors for the strategy.
Jordan Caspari, Partner with SCP, commented, “Murphy Crossing offers best-in-class office space and tenant demand consistent with neighboring North San Jose, but less buyer competition with the Milpitas address. For this reason, the investment was an excellent fit for our strategy which seeks above-average cash yield and long-term capital appreciation.”
Peter Horn, Partner with SCP, added, “We’re bullish on this area’s long-term growth potential as the Milpitas BART station comes online and tenants continue to expand eastward in the 237 Corridor. The strength of the current tenant roster is reflective of these market trends as well as the physical quality of Murphy Crossing and its unique tenant amenities.”
Timbercreek is an active investor in the California market and felt Murphy Crossing would be a strong compliment to the platform. “As a value-oriented investor, Murphy Crossing is a great fit for our portfolio. The acquisition of this asset presents a unique opportunity to invest in a high-quality product, which we believe will continue to benefit from the expansion of the Bay Area’s technology sector,” explained Ugo Bizzarri, Chief Investment Officer of Timbercreek.
Steven Golubchik and Edmund Najera from Newmark Knight Frank represented the Sellers on the transaction. Ramsey Daya and Chris Moritz, also from Newmark Knight Frank, provided loan advisory services to Soma Capital Partners and Timbercreek to secure a first mortgage for the Property.
About Soma Capital Partners
Soma Capital Partners is a privately held real estate investment and advisory firm based in San Francisco, CA with a focus on select markets west of Denver. SCP invests across the risk-return spectrum on behalf of its institutional capital partners, and has acquired approximately 2.6 million square feet of commercial property since inception in 2014.
For more information on Soma Capital Partners, please visit the firm’s website, www.soma-capital.com.
About Timbercreek Asset Management
Timbercreek is active investor, owner and manager of global real estate and related assets focused on delivering sustainable and growing returns to our investors. Founded in 1999, Timbercreek has earned a reputation for providing conservatively managed, risk-averse investment opportunities for both retail and institutional investors.
For more information on Timbercreek Asset Management, please visit the firm’s website, https://www.timbercreek.com/.
Contact:
Jordan Caspari
Soma Capital Partners
jcaspari@soma-capital.com
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