Embrace Real Estate and its affiliate 1823 Partners have acquired Ghirardelli Square, a 12-building waterfront complex at 900 North Point St. in San Francisco’s Fisherman’s Wharf district, from Jamestown. The historic property is a well-known mixed-use landmark that draws significant visitor traffic and serves as a destination for both tourists and local residents. The new ownership group is positioning itself to guide the next phase of the asset’s evolution following Jamestown’s long-term hold.
Embrace Real Estate and Denver-based developer Continuum Partners will jointly oversee the property’s business plan, leasing strategy and day-to-day operations. Their remit includes curating tenants, refining the merchandising mix and managing on-the-ground operations across the multi-building complex. The involvement of a developer alongside Embrace suggests a focus on enhancing the existing use mix rather than changing the asset’s fundamental character as a mixed-use destination.
Financial terms of the transaction were not disclosed by the parties. However, the San Francisco Business Times reported that market participants believe the purchase price is in a range between $75 million and $80 million. A portion of the broader complex, a former parking garage that had previously been redeveloped for residential use, was specifically excluded from the sale and remains outside the scope of this transaction.
In a prepared statement, Brandon Tarpey, founder and managing partner of Embrace Real Estate, described Ghirardelli Square as one of the country’s most recognizable mixed-use properties, citing its history, location and high levels of pedestrian activity. Tarpey noted that the ownership group’s strategy centers on elevating the merchandising strategy, bringing in best-in-class tenants and experiences, and maintaining the Square’s status as both a leading visitor destination and a place that remains relevant to the local community.
Jamestown, the selling owner, emphasized the performance improvement achieved during its tenure. According to Alex Schwiebert, SVP and West Coast regional market leader at Jamestown, the firm has been “proud stewards” of Ghirardelli Square for more than a decade and believes the complex is well-positioned for continued progress under new ownership. During Jamestown’s 13-year ownership period, occupancy at the property increased from 55% to 100%, reflecting a successful execution of its leasing and asset management strategy.
The transfer of Ghirardelli Square from Jamestown to Embrace Real Estate and 1823 Partners marks a new chapter for one of San Francisco’s most prominent mixed-use waterfront destinations. With Continuum Partners joining Embrace to lead leasing and operations, the focus is expected to remain on strengthening tenant quality and ensuring that the Square continues to serve as a key destination within the Fisherman’s Wharf district. The sale underscores continued investor interest in well-leased, experience-driven retail and mixed-use assets in high-traffic urban locations, even as broader retail and capital markets conditions evolve.
