SAN JOSE — Residence Depot has leased a giant logistics and warehouse constructing in San Jose, a deal that hints at ongoing demand for industrial actual property in Silicon Valley regardless of widening financial uncertainties.
The hardware retail large has signed a lease deal for a constructing at 1953 Concourse Drive, in accordance with paperwork filed on March 13 with the Santa Clara County Recorder’s Workplace.
The constructing that Residence Depot leased totals 126,700 sq. toes, in accordance with a advertising brochure circulated by the Newark business actual property dealer Joe Kelly. Kelly had been in search of tenants for the constructing.
In 2020, Overton Moore Properties, a giant actual property agency, paid $13.5 million for the property, which is now referred to as Concourse Logistics Heart.
On the time of the acquisition, an previous industrial constructing totaling 110,100 sq. toes occupied the seven-acre web site. Overton Moore bulldozed the constructing and changed it with a contemporary logistics and warehouse advanced.
“We're delighted in regards to the Concourse Drive acquisition,” Will McPhee, an government with Overton Moore Properties, mentioned on the time of the acquisition.
Residence Depot, with its new lease, can be in a contemporary industrial constructing that has a superb location, in accordance with Newmark.
“(The property) is ideally situated inside proximity to a few of the world’s most outstanding know-how corporations and inside direct entry to the 680 and 880 Freeways in addition to the not too long ago accomplished Milpitas BART station,” Edmund Najera, a Newmark dealer who helped to rearrange the Overton Moore buy of the positioning, mentioned in 2020.