{"id":1004185153,"date":"2017-07-26T12:08:15","date_gmt":"2017-07-26T20:08:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185153"},"modified":"2022-12-09T02:56:26","modified_gmt":"2022-12-09T10:56:26","slug":"pioneer-building-in-san-francisco-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pioneer-building-in-san-francisco-changes-hands\/","title":{"rendered":"Pioneer Building in San Francisco Changes Hands"},"content":{"rendered":"

By Razvan Cimpean<\/p>\n

\"Pioneer<\/a>

Pioneer Building in San Francisco<\/p><\/div>\n

After landing a loan for the renovation and conversion of a century-old Manhattan hotel<\/a>, Bridgeton Holdings sold the Pioneer Building in San Francisco, a 37,104-square-foot office asset, to American Realty Advisor. The property changed hands for $34 million, in an off-market transaction. At the time of sale, the asset was fully leased to Musk Industries, a venture backed by Elon Musk.<\/p>\n

Located at 3180 18th St., the three-story building offers quick access to public transportation, dining and shopping options, including Gallardo’s and Evergreen Garden Restaurant. The Pioneer Building is also less than a mile from the Bayshore Freeway and Dwight D. Eisenhower Highway.<\/p>\n

Long-term lease<\/h2>\n

Bridgeton acquired the property in early 2014 from a joint venture between Kinship and Harvest Properties for $17.5 million. At that time, the asset was leased to several tenants, but Musk Industries signed a 10-year term lease for the entire building.<\/p>\n

\u201cThe San Francisco office investment market is stronger than ever. The convergence of highly liquid debt markets, record tenant demand, and limited available supply to purchase, along with a high-volume of both institutional and private capital that is ready to deploy, have combined to create the strongest market dynamics the city has ever experienced,\u201d<\/em> Kyle Kovac, NKF executive managing director, said in a prepared statement.<\/p>\n

Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF represented Bridgeton in the transaction.<\/p>\n

Image courtesy of Bridgeton Holdings<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

American Realty Advisors acquired the 37,000-square-foot office building from Bridgeton Holdings. At the time of sale, the asset was fully leased to Musk Industries.<\/p>\n","protected":false},"author":753,"featured_media":1004507908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1609,15],"tags":[33222,36968,32824,36007],"class_list":["post-1004185153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-san-francisco","category-west","tag-american-realty-advisors","tag-bridgeton-holdings","tag-harvest-properties","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nPioneer Building in San Francisco Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pioneer-building-in-san-francisco-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pioneer Building in San Francisco Changes Hands\" \/>\n<meta property=\"og:description\" content=\"American Realty Advisors acquired the 37,000-square-foot office building from Bridgeton Holdings. 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