Thursday, September 26, 2013

HFF closes trophy sale of Ghirardelli Square in San Francisco, CA


Ghirardelli Square, 900 and 915 North Point Street, Fisherman's Wharf District,
North Waterfront Area, San Francisco, CA


Nicholas Bicardo

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Ghirardelli Square, a 12-building, 101,258-square-foot retail center in the Fisherman’s Wharf District of San Francisco.

               HFF marketed Ghirardelli Square on behalf of a major financial institution.  HFF generated more than 30 offers and sourced the buyer, Jamestown Group, which purchased the property free and clear of existing financing.

Mark Damiani
               Ghirardelli Square has a history dating back to 1859 when it was one of the first industrialized manufacturing facilities on the West Coast. 

  Later it served as the production facility for Ghirardelli Chocolate Company, and today, after being renovated and retrofitted most recently in 2007, the property serves as a lifestyle and entertainment-oriented retail complex. 

Michael Leggett
Tenants at the 55 percent leased center include the Ghirardelli Chocolate Company, which leases the space for its U.S. flagship retail location, Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s, among others. 

The property also includes a 10-level, 283-space subterranean parking garage as well as a separate two-level, 99-space parking garage.  Ghirardelli Square encompasses an entire city block at 900 and 915 North Point Street adjacent to the San Francisco Cable Car Hyde-Beach turntable in the North Waterfront area of San Francisco.

Ghirardelli Chocolate Co. interior
               The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo and director Mark Damiani along with senior managing director Michael Leggett.

               "The world-renowned brand identity coupled with the irreplaceable location and remarkable demand drivers, including up to 16,000 people walking through the square every day, are just a few reasons that make this retail center so unique and special. 

“Consequently, the competition was nothing short of fierce - we had over 200 interested parties and conducted more than 60 tours.  

"Needless to say, this asset has incredible upside potential.  I have no doubt Jamestown will turn this already special project into something even more spectacular over the next few years," said Bicardo.

               Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments.

The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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