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.
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. 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.
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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.