Soma Capital Partners (SCP) and Timbercreek Asset Management have paid $130m to buy a five-building office campus in California.
SCP said the fully-leased Murphy Crossing, located at 1001, 1011 & 1033 McCarthy Boulevard and 915 & 933 Murphy Ranch Road in Milpitas was acquired through the programmatic joint venture with Timbercreek.
The Murphy Crossing asset is the fifth acquisition for the joint venture which targets core-plus and value-add investments in high-growth markets.
Jordan Caspari, partner with SCP, said: “Murphy Crossing offers best-in-class office space and tenant demand consistent with neighbouring 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, said: “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.”
Ugo Bizzarri, CIO of Timbercreek, said: “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.”