Embrace Real Estate and affiliate 1823 Partners said Monday they had acquired Ghirardelli Square, a 12-building waterfront landmark at 900 North Point St. in San Francisco’s Fisherman’s Wharf district, from Jamestown. Embrace and Denver-based developer Continuum Partners will lead the business plan, leasing and day-to-day operations of the property.
Although the purchase price was not disclosed, the San Francisco Business Times reported that it is believed to be between $75 million and $80 million. A former parking garage that was redeveloped as residential was not included in the sale.
Brandon Tarpey, Embrace Real Estate’s founder and managing partner, said, “Ghirardelli Square is one of the most iconic mixed-use properties in country, with an unmatched combination of history, location and foot traffic. 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.”
Alex Schwiebert, SVP, West Coast regional market leader of Jamestown, said, “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.” During its 13-year ownership, Jamestown brought occupancy from 55% to 100%.
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The post Jamestown Divests Ghirardelli Square Complex After 13-Year Hold appeared first on Connect CRE.