In March 2015, Bridgeton purchased 300 3rd Street, a premier retail and office condominium situated at the base of Museum Parc, through a bankruptcy sale. The project was built in 1989 and features approximately 34,000 square feet of commercial space, 234 high-end residences and an enclosed 360-space parking garage. The acquisition represented a rare opportunity to acquire a highly visible, fully occupied commercial condominium in the SOMA neighborhood of San Francisco, which is a predominantly upscale submarket just south of the Financial District. The submarket features high density of residential housing, numerous hotels, multiple landmarks and plethora of tech firms.
The property’s seven commercial tenants occupy the ground floor as well as the second floor where Crunch Fitness has a state-of-the-art health club complete with an outdoor patio and swimming pool. As an anchor tenant, Crunch Fitness provides solid foundation to the property’s income stream. Crunch reports to have over 69 clubs in 14 states, with 370,000 members and 2,500 employees and in 2014, it was ranked #11 on the Top 100 Health Clubs rankings.
Bridgeton continues to develop its relationship with Crunch and explore its future expansion into portfolio assets.