SAN JOSE — A non-public college property in San Jose was purchased by actual property traders from Arizona at a worth under the prior gross sales quantity and the positioning’s present assessed worth.
STORE Capital Corp. bought the college web site at 1290 Parkmoor Ave. for $62.6 million, in accordance with paperwork filed on Jan. 8 with the Santa Clara County Recorder’s Workplace. BASIS Unbiased Silicon Valley Higher Faculty is the tenant.
The Arizona-based actual property agency’s technique is to purchase properties which have one tenant. The STORE a part of the title is an acronym for Single Tenant Operational Actual Property.
The BASIS Unbiased college working within the constructing is among the manufacturers of Campbell-based Spring Training Group, which operates 215 colleges nationwide, in accordance with its web site.
The vendor was a gaggle that included Spring Training Group. In 2020, the group paid $77.7 million in 2020 for the property. The newest gross sales worth can also be lower than its assessed worth of $63.2 million.
STORE Capital has purchased no less than one different South Bay web site the place a Spring Training Group college operates.
In 2023, the agency paid $25.8 million for a constructing at 341 Nice Mall Parkway in Milpitas, the situation of a Stratford Faculty.
“Eating places, steel fabrication, early childhood training, automotive restore and upkeep services, and well being golf equipment characterize the highest industries in our portfolio,” STORE Capital states on its web site.
