Jamestown Makes a ‘Sweet’ Deal for San Francisco Landmark
The property was the first major adaptive reuse project in the U.S.
Embrace Real Estate and 1823 Partners have acquired Ghirardelli Square, a historic mixed-use asset in the Fisherman’s Wharf district of San Francisco.
Going forward, Embrace and Continuum Partners will lead the business plan, as well as oversee leasing and day-to-day management.
Jamestown sold the property, which is considered the first major adaptive reuse project in the U.S., after 13 years of ownership. Back then, the asset changed hands for $54 million, according to The San Francisco Standard.
Since its inception in 1983, Jamestown has closed more than $40 billion in transactions. In another recent move, the firm partnered with Falcone Group, ROK Acquisitions, Andrew Mirmelli and The Davis Cos. for the acquisition of the retail component of Miami Worldcenter. The deal involves the second-largest urban mixed-use development in the U.S.
Historic San Francisco landmark
Located at 900 N. Point St. on the waterfront, Ghirardelli Square originally came online in 1862 as a textile mill and chocolate factory. It changed hands in the 1960s and reopened as a retail and dining destination in 1964.
In 2013, Jamestown acquired the retail portion of Ghirardelli Square, which totaled a little over 100,000 square feet and was only 55 percent leased at the time. Over the years, the firm has renovated the historic buildings and brought the property to full occupancy.
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Now Ghirardelli Square has some 9 million annual visitors. The 12-building asset comprises the Ghirardelli Chocolate Co.’s U.S. flagship store, a Fairmont Heritage Place hotel and multiple retail and dining options, among which COL Gallery and Barrio. Moreover, the square encompasses the 19-foot, illuminated Ghirardelli sign and restored clocktower that have been part of San Francisco’s skyline for over 100 years, as well as Ruth Asawa’s Andrea fountain. Amenities include a multi-level parking garage with EV charging stations.
The property occupies a whole city block next to the San Francisco Maritime National Historical Park and the Aquatic Cove. The city center is 3 miles south.
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