San Francisco’s Ghirardelli Square Changes Hands

Embrace Real Estate (Miami) and an affiliate have acquired Ghirardelli Square, the historic waterfront complex at 900 N. Point St. in San Francisco’s Fisherman’s Wharf district. The seller was Jamestown LP, which bought the property for $56 million in 2013 The San Francisco Standard reports. Terms of the just-completed deal were not disclosed.

“Ghirardelli Square is one of the most iconic mixed-use properties in country, with an unmatched combination of history, location and foot traffic,” said Brandon Tarpey, Founder and Managing Partner of Embrace Real Estate, which bought the complex in tandem with its 1823 Partners unit. “Our focus will be elevating the merchandising, introducing best-in-class tenants and experiences, and ensuring the Square remains both a premier destination for visitors and a place that resonates with the local community.”

Denver-based developer Continuum Partners will lead the business plan, leasing, and day-to-day operations of the property, which has been revitalized under its previous owner’s stewardship. “Under Jamestown, the property’s occupancy rose from 55% to 100% leased,” the news release on the sale notes. “The company also restored the landmark Ghirardelli sign and clock tower.”

In all, Ghirardelli Square encompasses 12 buildings along the San Francisco waterfront, with origins dating to 1862. It is listed on the National Register of Historic Places. Tenants of the complex include the Ghirardelli Chocolate Shop, Palette Tea House and San Francisco Brew Company and it draws nearly 9 million visitors a year.