"STORE Capital Corp. purchased the school site at 1290 Parkmoor Ave. for $62.6 million, according to documents filed on Jan. 8 with the Santa Clara County Recorder's Office. BASIS Independent Silicon Valley Upper School is the tenant. The Arizona-based real estate firm's strategy is to buy properties that have one tenant. The STORE part of the name is an acronym for Single Tenant Operational Real Estate."
"The BASIS Independent school operating in the building is one of the brands of Campbell-based Spring Education Group, which operates 215 schools nationwide, according to its website. The seller was a group that included Spring Education Group. In 2020, the group paid $77.7 million in 2020 for the property. The latest sales price is also less than its assessed value of $63.2 million. STORE Capital has bought at least one other South Bay site where a Spring Education Group school operates."
STORE Capital Corp. purchased the private school property at 1290 Parkmoor Ave. in San Jose for $62.6 million, with the transaction recorded Jan. 8 in Santa Clara County. BASIS Independent Silicon Valley Upper School occupies the building. STORE Capital focuses on single-tenant properties; STORE stands for Single Tenant Operational Real Estate. The seller group included Spring Education Group, whose BASIS Independent brand operates the school and runs 215 schools nationwide. The seller group paid $77.7 million for the property in 2020; the latest sale price is below the assessed value of $63.2 million. STORE previously paid $25.8 million in 2023 for a Milpitas building housing a Stratford School. STORE’s portfolio highlights restaurants, metal fabrication, early childhood education, automotive repair and maintenance facilities, and health clubs.
Read at www.mercurynews.com
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