The investment firm Embrace Real Estate and its affiliate 1823 Partners, an independent asset management firm, announced their acquisition of Ghirardelli Square, the historic waterfront landmark in San Francisco’s Fisherman’s Wharf district.
Ghirardelli Square encompasses 12 buildings, with origins dating to 1862. The property, which is listed on the National Register of Historic Places, is home to the Ghirardelli Chocolate Company’s US flagship, a collection of restaurants and retailers, a Fairmont Heritage Place hotel, and the 19-foot illuminated Ghirardelli sign that has been part of the city’s skyline since 1915.
The financial aspects of the deal were not disclosed. The buyers acquired the property from Jamestown LP, which purchased the complex in 2013 for $56 million.
Embrace Real Estate, in partnership with Denver-based developer Continuum Partners, will lead the business plan, leasing, and day-to-day operations of the property.
Brandon Tarpey, founder and managing partner of Embrace Real Estate, 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.”
Photo courtesy Jamestown LP
It was such a great place to visit back in the day. Bring back the crabs.