Embrace Real Estate and its affiliate 1823 Partners have acquired Ghirardelli Square in San Francisco from Jamestown, forming a new ownership group with Denver-based Continuum Partners to operate and reposition one of the country’s most recognizable mixed-use destinations.
The waterfront property, located in the city’s Fisherman’s Wharf district, represents a high-profile transaction involving a landmark asset that attracts nearly nine million visitors annually. Financial terms were not disclosed, but the deal marks a generational transition for a property widely regarded as one of the earliest examples of adaptive reuse in the United States.
Embrace Real Estate will lead the business plan alongside 1823 Partners and Continuum Partners, overseeing leasing, operations and long-term strategy. The group said its focus will center on enhancing tenant mix, elevating retail and dining offerings, and reinforcing the property’s role as both a tourist destination and a community-oriented gathering place.
Originally developed in the 19th century, Ghirardelli Square consists of 12 buildings along the San Francisco waterfront and is listed on the National Register of Historic Places. The property includes the flagship location of the Ghirardelli Chocolate Company, a mix of restaurants and retail tenants, a Fairmont Heritage Place hotel, and the iconic illuminated Ghirardelli sign that has been part of the city’s skyline for more than a century.
Brandon Tarpey, founder and managing partner of Embrace Real Estate, said the firm plans to build on the property’s established identity while refining its merchandising and tenant strategy. “Our focus will be on elevating the experience while ensuring the Square remains both a premier destination for visitors and a place that resonates with the local community,” he said.
The acquisition follows more than a decade of ownership by Jamestown, which purchased the property in 2013 and undertook a series of restoration and leasing initiatives. During its tenure, Jamestown restored key historic features, increased occupancy from roughly 55% to full lease-up, and repositioned the property as a curated retail and hospitality destination. The firm also entitled and sold an adjacent site at 915 North Point Street for residential development, which is not included in the current transaction.
Alex Schwiebert, Jamestown’s West Coast regional market leader, said the asset is well positioned for continued growth under new ownership, noting the company’s ongoing investment across its Bay Area portfolio.
The new ownership group emphasized a long-term investment strategy focused on stewardship and community integration. Anant Bhalla, co-founder and CEO of 1823 Partners, said the firm targets assets with enduring value and partners with experienced operators to maintain their relevance over time.
Continuum Partners, which will play a key role in day-to-day operations, brings experience in large-scale mixed-use and adaptive reuse developments, including projects such as Denver Union Station and Belmar. CEO Mark Falcone said the firm intends to approach the project with a focus on preserving the site’s historical character while strengthening its connection to the surrounding neighborhood.
The acquisition comes at a time when investors are selectively targeting high-traffic, experiential retail and mixed-use assets in major urban markets. In San Francisco, where tourism and local economic activity are showing signs of renewed momentum, properties like Ghirardelli Square offer a combination of stable visitation and long-term redevelopment potential.
Going forward, the ownership group plans to refine tenant curation and programming while maintaining the property’s historic identity. The strategy is aimed at sustaining Ghirardelli Square’s position as a destination for both visitors and residents, while adapting the asset to evolving retail and hospitality trends.
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