Investor grabs San Jose complex
Research facility site is said to be suited for possible redevelopment
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 development and investment firm, has bought Concourse Tech Park in San Jose. The sprawling one-story building 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 Overton Moore bought has addresses ranging from
1953 to 1965 Concourse Drive, according to Santa Clara County public records filed on Oct. 13.
Acting through affiliate 1953 Concourse Drive, Overton Moore paid $13.5 million, county property documents show. The building 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 Franciscobased 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. and a larger, 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.
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.