In a part of downtown where for-lease signs became a familiar backdrop, one SoMa retail block quietly did the opposite. Museum Parc, the ground-floor retail and office component of the residential complex at 300 Third Street, has changed hands after staying fully leased through the pandemic. The roughly 36,000-square-foot retail condo sits beneath more than 200 condominium units and is anchored by Crunch Fitness, alongside restaurants and small office tenants. The sale marks a profitable exit for the seller and a signal that investors are tiptoeing back into stabilized, street-level space in downtown San Francisco.
Deal details
According to REBusinessOnline, Bridgeton sold Museum Parc to DPI Retail for roughly $19.2 million, trading about 36,000 square feet of mixed-use space at 300 Third Street. JLL Capital Markets, which represented the seller, described the asset as a fully leased combination of street-level retail and small office suites beneath residential units and reported that the deal team included Eric Kathrein, Andrew Spangenberg and Allie Repaskey.
Tenants and performance
As reported by the San Francisco Business Times, the retail condo remained 100 percent leased throughout the pandemic, a rare feat for downtown storefronts. The space hosts tenants such as Crunch Fitness, El Dorado Latin Fusion and tech-focused offices. The Business Times notes that the ground-floor space sits directly below 234 condominium units, giving operators a built-in customer base that helped sustain daily foot traffic even when much of the surrounding office crowd vanished.
Why buyers took notice
Industry coverage points to steady tenancy, long-tenured operators and the property’s proximity to Moscone Center as key reasons DPI Retail saw value in the corner. Those fundamentals, highlighted in REBusinessOnline, align with renewed investor appetite for well-occupied, service-oriented retail that can serve both nearby residents and convention traffic. In a market still sorting out which blocks have staying power, a fully leased, fitness and restaurant-anchored condo under hundreds of homes is about as close as it gets to a safety play.
What it signals for SoMa retail
For owners that managed to keep spaces filled through the downturn, Museum Parc’s sale offers a template for how hands-on management and tenant retention can translate into a marketable, income-producing asset. It also suggests that, at least in pockets of SoMa, investors are willing to pay up for stability on the sidewalk level even while broader downtown recovery remains uneven. “DPI is proud to invest in one of San Francisco’s most dynamic neighborhoods at a time when the city is regaining strong positive momentum,” the buyer said in the JLL Capital Markets release.
