San Jose private school site is bought by out-of-state investors

SAN JOSE — A private school property in San Jose was bought by real estate investors from Arizona at a price below the prior sales amount and the site’s current assessed value.

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.

In 2023, the firm paid $25.8 million for a building at 341 Great Mall Parkway in Milpitas, the location of a Stratford School.

“Restaurants, metal fabrication, early childhood education, automotive repair and maintenance facilities, and health clubs represent the top industries in our portfolio,” STORE Capital states on its website.