Big San Jose real estate deal bolsters successful school
SAN JOSE – The main owner of the Base Independent School Silicon Valley has purchased the land the school now operates on to ensure the educational complex will continue to operate on that location for many years to come.
The Spring Education Group has a property on Parkmoor Ave. Bought in 1290 near downtown San Jose, where one of its subsidiaries, Base Independent Silicon Valley, operates a school.
“This deal creates a very solid, long-term renter-renter relationship for Basis Independent,” said Sean Powell, vice president of real estate for Spring Education Group, which offers private education through a variety of brands, including Basis Independent.
The Saratoga subsidiary of Spring Education Group, School Realty Owner I, purchased 3.1 acres of land on the corner of Parkmoor Avenue and Race Street that includes an existing school building with a total of 80,600 square feet. Santa Clara County County’s public documents were filed on the December 31st show.
Spring Education paid $ 77.7 million for the property, according to public ownership records.
The seller was a subsidiary of ERP Properties, a Kansas City-based real estate investment company.
“This was one way to create a new long-term, school-friendly financing arrangement for the property,” said Powell.
The deal means the education company that owns Base Independent Silicon Valley will also be the landlord of the school, which has built a reputation for being an education center that has turned a new academic model into a successful institution.
“There will be no change in the operation,” Powell said.
At the time the school opened in 2014, Basis Independent officials said that school fees were around $ 22,500 a year, according to school officials.
“Public basic charter schools are based on strict international standards,” said Amanda Ripley, author of a 2013 book “The Smartest Children in the World,” in her book.
Ripley believes that this approach has paid off.
“The average undergraduate student outnumbered the typical American student by nearly three years in reading and science and four years in math, but outperformed the average student in Finland, Korea, and Poland,” Ripley wrote in the book.
Undergraduate students with Basis Independent also did well compared to the best students in the world, according to Ripley.
“The grassroots kid did even better than the average student in Shanghai, China, the number one region in the world,” said Ripley.
Basis Independent Silicon Valley works in an office building that was once inhabited by the technology titan IBM. The building has been extensively renovated to prepare it as a school campus.
“There are long-term agreements and long-term leases in place to make sure the school stays here,” Powell said.