San Francisco, CA — Newmark Knight Frank (NKF), as the exclusive advisor to Soma Capital Partners, has secured $84,500,000 to finance the acquisition of Murphy Crossing (the “Property”), a five-building office and Research and Development campus located at 1001 – 1033 McCarthy Boulevard and 915 – 933 Murphy Ranch Road, Milpitas, California. The acquisition was a $130,000,000 joint venture between Soma Capital Partners and Timbercreek Asset Management. NKF Capital Markets also represented the seller, Embarcadero Capital Partners and True North Management Group.
NKF’s Head of Debt and Structured Finance for Northern California Ramsey Daya and Senior Managing Director Chris Moritz represented SOMA Capital in its financing efforts. The loan was placed with Deutsche Bank.
“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.”
The premier Class A campus spans 368,524 square feet on over 20.5 acres of land featuring an on-site cafeteria, outdoor basketball & volleyball courts, bike storage and electric vehicle charging.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.