- Mixed-use retail property Ghirardelli Square has been acquired by Embrace Real Estate and affiliate 1823 Partners.
- The landmark features 105 KSF of fully leased retail, entertainment, and hospitality space.
- Jamestown, the former owner, restored and stabilized the property after buying it in 2013.
- San Francisco’s retail sector is recovering, driven by experiential tenants and tourism.
Historic Mixed-Use Retail Property Changes Hands
According to CoStar, Embrace Real Estate and 1823 Partners acquired Ghirardelli Square, an iconic mixed-use retail and entertainment complex in San Francisco.
They purchased the 12-building asset from Atlanta-based Jamestown. Jamestown originally bought the property in 2013 and led major restoration efforts. The firm also drove a strong recovery in occupancy over time.
Adaptive Reuse Pioneer Anchors Local Identity
The complex first served as the headquarters of the Ghirardelli Chocolate Company in 1862. It stands as one of the earliest examples of adaptive reuse in the US. After factory operations moved out in the 1960s, developers repositioned the property. They turned it into a shopping and dining destination. The project preserved its historic architecture and iconic signage.
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Operations and Next Steps for Ghirardelli Square
Embrace Real Estate, in partnership with Continuum Partners, will oversee day-to-day operations and leasing at Ghirardelli Square. Their stated focus is to enhance the tenant mix and ensure the site remains a key destination for both tourists and locals. Details of the transaction price were not disclosed.
San Francisco Retail Recovery Drives Demand
Ghirardelli Square continues to benefit from San Francisco’s tourism with about 9M annual visitors. The city’s retail landscape has improved, with increased leasing velocity and demand from tenants offering unique experiences, specialty foods, fitness, and entertainment. This shift reflects how operators now rely more on data and technology to refine inventory, tenant mix, and customer engagement strategies. The strong performance of mixed-use retail like Ghirardelli Square reflects this broader market momentum.
