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Last Updated ( Thursday, 26 September 2013 12:39 )
DATE_FORMAT_LC2=Thursday,September 26 2013 12:00:00 am EDT   
Jamestown Acquires San Francisco's Ghirardelli Square

GhirardelliSquareNLSan Francisco — Jamestown has acquired Ghirardelli Square, a 100,394-square-foot lifestyle and entertainment complex in San Francisco's Fisherman's Wharf. Ghirardelli Square contains 12 buildings, as well as a 10-level, 283-space underground parking garage and a two-level, above-grade parking structure across from the center. The retail portion of the property was 55 percent leased at the time of sale and includes the Ghirardelli Square Chocolate Co.'s U.S. flagship location.

The complex was built over a 100-year period, beginning in 1864. The center was retrofitted and updated between 1966 and 2009. The electric rooftop sign, which spells out Ghirardelli in 15-foot tall letters, was added in 1915.

"Ghirardelli Square is an American landmark visited by people from around the world. We are excited to acquire such a distinctive and historic asset and look forward to the opportunity to enhance the property's appeal to both tourists and locals," says Michael Phillips, COO of Jamestown. Phillips added that of the 16.5 million visitors annually to San Francisco, approximately 12.4 million visit the area.

Jamestown plans to reposition the asset, restoring its legacy as a retail and restaurant destination. The investment firm will implement a multi-million dollar renovation program over the next two years to stabilize the center and add new retail concepts and amenities.

Nicholas Bicardo and Mark Damiani with HFF's San Francisco office represented the undisclosed seller.

 

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