San Francisco's Ghirardelli Square Changes Hands
Embrace Real Estate and affiliate 1823 Partners last week acquired San Francisco’s iconic Ghirardelli Square in Fisherman’s Wharf.
The sale price for the 12-building brick complex spanning more than 105K SF at 900 N. Point St. wasn’t disclosed. Former owner Jamestown acquired the property in 2012 for $54M, the San Francisco Business Times reported when it broke the news of the deal.
Embrace Real State and Continuum Partners of Denver will assume day-to-day operations and leasing at Ghirardelli Square. Each year, nearly 9 million people visit Ghirardelli Square, whose roots date back to 1862. In 1982, the property was listed on the National Register of Historic Places.
“Ghirardelli Square is one of the most iconic mixed-use properties in [the] country, with an unmatched combination of history, location and foot traffic,” Embrace Real Estate founder and Managing Partner Brandon Tarpey said in a statement.
Embrace Real Estate said in a statement it has extensive retail property management experience in Aspen, Colorado, New York and South Florida. Continuum Partners' primary focus is Denver, highlighted by its work as master developer on the $500M redevelopment of Denver Union Station.
The property near the San Francisco waterfront currently houses the flagship retail location for Ghirardelli Chocolate Co., whose founder, Domenico Ghirardelli, began making chocolate at Kearney and Washington streets in 1852.
The site is also home to the Fairmont Heritage Palace hotel, the former Ghirardelli chocolate-making factory, and the iconic Ghirardelli clock tower and sign, which was constructed in 1915 and restored by Jamestown.
“We’ve been proud stewards of Ghirardelli Square for over a decade and believe the property is well positioned for continued momentum under the new ownership team,” said Alex Schwiebert, senior vice president and West Coast regional market leader for Jamestown.
Jamestown has extensive CRE holdings in San Francisco, including the 930K SF Levi’s Plaza in the Embarcadero; the Waterfront Collection, a five-building office campus on the northern waterfront that spans more than 437K SF; and Rialto at 116 New Montgomery St., a 135K SF office and retail building.
Jamestown also owns a 600K SF office complex in Concord, a 60K SF retail space in Berkeley and a 196K SF office campus in Larkspur in Marin County.
