San Francisco — Investment and management firm Jamestown has acquired Ghirardelli Square, a 100,394-sq.-ft. lifestyle and entertainment-oriented retail complex located at San Francisco’s Fisherman’s Wharf for an undisclosed sum. The retail portion of the asset was 55 percent leased at the time of the sale, which includes the Ghirardelli Square Chocolate Company’s U.S. flagship location and numerous boutique shops and restaurants.
Ghirardelli Square encompasses 12 buildings bounded by North Point, Beach, Polk and Larkin streets. The property also includes a 10-level, 283-space underground parking garage and a separate two-level above grade parking structure across from the complex.
Jamestown plans to undertake a multi-million dollar renovation program over the next two years to stabilize the asset and add new retail concepts and amenities that will return the property to its proper place as a neighborhood and vacation destination.
Ghirardelli Square’s original structures were built over a 100-year period beginning in 1864. It underwent a major retrofit between 1966 and 2009. The iconic architecture, including the vivid brick buildings, grew out of an industrial past. The buildings first housed the Pioneer Woolen Mills and later the Ghirardelli Chocolate Company’s production facility. The electric rooftop sign that spells out Ghirardelli in 15-ft.-high letters was added in 1915.
“In renewing the property’s stature, we will work with historic consultants and community stakeholders to create a lively mix of tenants that fulfill the needs of a modern market while honoring Ghirardelli’s storied past,” said Jamestown COO Michael Phillips, noting that of the 16.5 million annual visitors to San Francisco, 75% or 12.4 million visit the Ghirardelli area.