July 24, 2017
Bridgeton Holdings sold the Pioneer Building, a historic asset in San Francisco’s Mission District 100% leased to Musk Industries, a venture backed by Elon Musk. The 37,104-square-foot office building was acquired by Los Angeles-based American Realty Advisors for $34 million.
Over the past three years, Bridgeton stabilized the property by negotiating lease expansions. The new lease with Musk Industries covers a 10-year term with space delivered in “as-is” condition.
Bridgeton Holdings’ Atit Jariwala says, “We bought the property because of its location in an extremely supply-constrained submarket, and because of its creative character, which is well suited for technology tenants. At the time we made our investment, we knew we would add significant value here.”
NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented the seller.
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