JLL Arranges $19.25 Million Sale of Museum Parc in San Francisco's SoMa District

JLL has arranged the $19.25 million sale of Museum Parc, a 36,000-square-foot mixed-use retail and office real estate asset located at 300 3rd Street in San Francisco's South of Market neighborhood, the firm announced May 26, 2026. Bridgeton was the seller and DPI Retail was the buyer, with JLL representing the seller in the transaction.

Asset Details and Tenant Mix

Museum Parc sits at the intersection of 3rd and Folsom streets, directly beneath 234 luxury condominium units. The street-level retail component is fully leased and anchored by Crunch Fitness, with the remainder of the property occupied by a mix of restaurant and office tenants including El Dorado Latin Fusion, Aquabyte, and TowerWAV. Based on the disclosed sale price and square footage, the implied price works out to approximately $535 per square foot.

According to JLL, 61 percent of the retail space is occupied by operators with more than 22 years of tenure, a factor the firm cited as contributing to stable cash flow at the asset. The property was fully leased at the time of sale.

"Museum Parc represents a rare opportunity to acquire a stabilized mixed-use asset in San Francisco's SoMa neighborhood," said Eric Kathrein, Managing Director at JLL Capital Markets. "The property's location adjacent to Moscone Center and below high-end residential units, combined with a story of buying on the recovery story of San Francisco, made it highly attractive to investors capitalizing on the city's renewed momentum."

Location and Convention-Driven Demand

The property's proximity to Moscone Center was highlighted as a key demand driver. Moscone Center hosted 34 conventions in 2025, generating 657,000 hotel room nights, according to the JLL announcement. The 3rd and Folsom intersection sees more than 46,000 vehicles per day, and the site is located one block from the Interstate 80 4th Street on and off ramps.

San Francisco Commercial Real Estate Market Context

The transaction comes as San Francisco's commercial real estate market shows signs of renewed activity. The city recorded 9.3 million square feet of office leasing in 2025, double the transaction volume from 2023, according to figures cited in the JLL release. Hotel room bookings associated with Moscone Center events were up 60 percent, and Muni ridership reached 75 percent of pre-pandemic levels. The city also reported crime at its lowest point in 23 years under new mayoral leadership, according to the announcement.

On the technology side, the Bay Area captured 63 percent of global artificial intelligence venture capital funding in 2024, with San Francisco's AI-related office footprint reaching 6.9 million square feet in 2025, per the JLL release.

Buyer, Seller, and Brokerage Background

Bridgeton, the seller, is a vertically integrated real estate investment, development, and hospitality platform that has deployed more than $2 billion in capital across equity and debt strategies and repositioned over 3 million square feet of real estate. The firm operates across hospitality-led, mixed-use, office, and residential assets in markets including New York, San Francisco, Boston, Miami, and Los Angeles.

"Strong execution at Museum Parc reflects Bridgeton's value creation, as keeping the asset fully leased through one of the most challenging rental markets in the city's history," said Akash Sharma, President of Bridgeton. "We've been investing and operating in San Francisco for over a decade and are more confident in the city's future than we've been in years. We're committed to growing our portfolio and continuing to be a constructive partner to small businesses like those at Museum Parc, which are essential to our community."

DPI Retail, the buyer, is a real estate investment company specializing in asset management, development, redevelopment, finance, and leasing of shopping centers, with a focus on managing and renovating retail properties to institutional quality standards.

"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," said Jonathan Khoury, Vice President of DPI Retail. "Museum Parc represents the type of high quality, community oriented real estate we look for: a well located asset with strong tenants, stable cash flow and long-term upside as San Francisco continues its resurgence."

The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Managing Director Eric Kathrein, Director Andrew Spangenberg, and Associate Allie Repaskey.

JLL (NYSE: JLL) is a commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries as of March 31, 2026.

Sources: JLL Newsroom, May 26, 2026