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CRE Investment Firm to Reposition, Restore Historic Landmark
Jamestown acquired the 12-building, 100,394-square-foot lifestyle and entertainment retail complex at 900 North Point Street for an undisclosed sum, according to a Jamestown release. The previous owner was Golden Gate Capital, a privately held investment company.
The retail portion of the asset was 55% leased at the time of sale and includes the Ghirardelli Square Chocolate Company’s U.S. flagship location and numerous boutique shops and restaurants.
The historic property is among a handful of San Francisco sites – including Coit Tower, the Transamerica Pyramid, the Painted Lady Victorian houses in Haight Ashbury, and of course, the Golden Gate Bridge — associated instantly almost worldwide with the City By the Bay.
Ghirardelli Square encompasses 12 distinct buildings bounded by North Point, Beach, Polk, and Larkin streets. The property also includes a 10-level, 283-space subterranean parking garage, and a separate two-level above-grade parking structure located across from the complex.
COO Michael Phillips noted that of the 16.5 million visitors annually to San Francisco, about three-quarter visit the wharf area.
Ghirardelli Square’s original structures were built over a 100-year period beginning in 1864. They were retrofitted and significantly updated between 1966 and 2009. The square was an early example of adaptive reuse in the 1960s when prominent San Francisco businessman William M. Roth bought the site to prevent it from being torn down and replaced with apartments.