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2/26/20
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Soma Capital Partners, in a joint venture with Timbercreek Asset Management, has purchased Murphy Crossing, a five-building, 368.5k sf office and Research and Development campus in Milpitas, for $130 mil ($353/sf). The transaction was financed with an $84.5 mil acquisition loan.
The premier, Class A campus sits on over 20.5 acres of land at 1001 - 1033 McCarthy Blvd and 915 - 933 Murphy Ranch Rd. The property features an on-site cafeteria, outdoor basketball & volleyball courts, bike storage and electric vehicle charging.
Murphy Crossing is in the 237 Corridor, with proximity to some of the world’s leading technology companies, including Google, Microsoft, and Oracle. The campus provides tenants with access to public transit options (BART and the VTA light rail), as well as Highway 237 and I-880.
Ramsey Daya and Chris Moritz with Newmark Knight Frank arranged the loan, which was placed with Deutsche Bank. NKF Capital Markets also represented the seller, Embarcadero Capital Partners and True North Management Group.
“The North San Jose and West Milpitas submarkets have seen significant growth in tenant demand. These factors, along with the Murphy Crossing Campus offering best-in-class office space, resulted in a competitive lending process,” says Daya.
“Nearly 100% of scalable projects in Sunnyvale and Mountain View have been sold to users or encumbered by long-term leases,” added Moritz. ”Potential tenants are now forced to look for options with space to grow in neighboring markets, placing Murphy Crossing in one of the most in-demand locations.”
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