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September 19, 2020
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American Realty Advisors Pays $34 Mil for San Francisco Building Occupied by Musk Industries


American Realty Advisors has acquired the Pioneer Building, a 37.1k sf office building in the heart of San Francisco’s Mission District, for $34 mil, or $917 per foot, in an off-market transaction. The building, which was sold by Bridgeton Holdings, is 100% leased to Musk Industries, a venture backed by Elon Musk.

Bridgeton acquired the building in early 2014 for $17.5 mil. At the time, it was leased to several growing technology tenants. Over the past three years, Bridgeton stabilized the property by negotiating lease expansions. The new lease with Musk Industries is for a 10-year term with space delivered in “as-is” condition.

“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,” said Atit Jariwala, CEO of Bridgeton Holdings.

NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented Bridgeton Holdings.

According to the NKF team, San Francisco continues to be a top-performing leasing and investment market in the US, driven by more than 6 msf of tenant demand which includes many venture capital-backed technology companies. Average Class A rents stand at $74/sf/yr and vacancy remains steady at 6.1%.

“The 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,” Kovac added.

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