An Arizona-based real estate investment trust, Store Capital Corporation, has acquired a private school building in San Jose for $62.6 million. The transaction was conducted through Store Master Funding XLII LLC and involves the property at 1290 Parkmoor Avenue, which is part of the Basis Independent Silicon Valley Upper School campus.
Spring Education Group and a subsidiary of net lease advisory firm Surmount brokered the sale. The sellers had purchased the building in 2020 for $77.7 million, making the recent sales price lower than both their original purchase price and the property’s assessed value of $63.2 million.
Store Capital specializes in acquiring properties with a single tenant and leasing them back to that occupant. The company name “Store” stands for “Single Tenant Operational Real Estate.” According to reports, “The Basis Independent school, which will continue to operate at 1290 Parkmoor, is one of the educational brands of Campbell, California-based Spring Education Group, which operates 215 educational institutions across the country.” Store Capital also owns another campus operated by Basis in Sunnyvale through its Store Master Funding X LLC.
Basis relocated its upper grade levels to the San Jose site in 2013 after purchasing it in partnership with Highmark Development Group and EPR Properties when it was listed for nearly $17.2 million. In 2019, Spring Education Group—backed by Primavera Capital Group and Brookfield Asset Management—acquired both the school and its buildings for $77.7 million, finalizing the deal in 2020. The acquisition involved NNN Pro as an investment advisor; last year NNN Pro merged with STNL Advisors and United Global Development Company to form Surmount.
This is not Store Capital’s first transaction involving a Spring Education Group facility. In 2023, Store Capital bought a building at 341 Great Mall Parkway in Milpitas that houses Stratford School—a separate private school brand under Spring Education Group—for $25.8 million.
— Chris Malone Méndez
