Big investor grabs north San Jose research complex

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.

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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.

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Source: FS – All – Real Estate News 1
Big investor grabs north San Jose research complex