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10/23/20
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Overton Moore Properties paid $13.5 mil for Concourse Tech Park, a 110.1k sf ($123/sf), office/R&D building in San Jose. The property, located at 1953-1965 Concourse Drive, was sold by an unnamed family investment entity.
The property is currently 10% leased, providing a significant value-add opportunity with a leasing upside. Boasting impressive clear heights, two loading docks, eight at-grade roll-up doors, substantial power and ample parking, Concourse Tech Park can appeal to a wide set of users. Additionally, the property is situated just two miles from Milpitas’ Great Mall as well as an abundance of other retail amenities and housing communities.
Steven Golubchik, Edmund Najera, Seth McKinnon, Darren Hollak and Jack Phipps with Newmark represented both parties in the transaction.
“Concourse Tech Park 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,” said Najera.
While leasing activity has been subdued during the pandemic, capital markets interest is still high, according to Newmark Research. Companies are ready to invest in the Silicon Valley for the long term. As the economy begins to recover, the Silicon Valley area is anticipated to recover faster than other urban markets.
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