SAN JOSE — A big research and tech complex in north San Jose that’s more than three decades old has been scooped up by a veteran developer from Southern California.
Overton Moore Properties, a savvy development and investment firm, has bought Concourse Tech Park in San Jose.
The sprawling one-story building that Overton Moore bought is tucked away in a part of San Jose that’s dotted with older office, research, and warehouse buildings and is very close to the just-opened BART station in Milpitas.
The building that Overton Moore bought has addresses ranging from 1953 to 1965 Concourse Drive, according to Santa Clara County public records that were filed on Oct. 13.
Acting through affiliate 1953 Concourse Drive, Overton Moore paid $13.5 million for Concourse Tech Park, county property documents show.
The building Overton Moore bought totals 110,100 square feet, according to a brochure circulated by Newmark Knight Frank, a commercial real estate firm. The research complex was built around 1985.
The seller was a San Francisco-based group headed by executives Tiffany Gin and Stanton Lowe, state business records show.
it’s possible the site could be suited for redevelopment. The just-purchased building occupies roughly 6.5 acres. A larger and more modern building could potentially be built on the site.
The new owner also must contend with noticeable vacancies in the building. One property brochure listed vacancies totaling about 51,000 square feet.
“Founded in 1972, Overton Moore Properties is a premier full service commercial real estate company,” is how the company describes itself on its website.
Overton Moore’s major project in the vicinity is Pacific Commons South, a vast industrial and manufacturing hub in Fremont that is expected to consist of 10 buildings that together will total 1.72 million square feet when its construction is complete.
Source:: The Mercury News – Entertainment