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