Home Depot leases complex in S.J.
Industrial sites continue to see steady demand
SAN JOSE >> Home Depot has leased a big logistics and warehouse building in San Jose, a deal that hints at ongoing demand for industrial real estate in Silicon Valley despite widening economic uncertainties.
The hardware retail giant has signed a lease deal for a building at 1953 Concourse Drive, according to documents filed on March 13 with the Santa Clara County Recorder's Office.
The building that Home Depot leased totals 126,700 square feet, according to a marketing brochure circulated by the Newark commercial real estate broker Joe Kelly. Kelly had been seeking tenants for the building.
In 2020, Overton Moore Properties, a big real estate firm, paid $13.5 million for the property, which is now known as Concourse Logistics Center.
At the time of the purchase, an old industrial building totaling 110,100 square feet occupied the seven-acre site. Overton Moore bulldozed the building and replaced it with a modern logistics and warehouse complex.
“We are delighted about the Concourse Drive acquisition,” Will McPhee, an executive with Overton Moore Properties, said at the time of the purchase.
Home Depot, with its new lease, will be in a modern industrial building that has an excellent location, according to Newmark.
“(The property) is ideally located within proximity to some of the world's most prominent technology companies and within direct access to the 680 and 880 Freeways as well as the recently completed Milpitas BART station,” Edmund Najera, a Newmark broker who helped to arrange the Overton Moore purchase of the site, said in 2020.