The retail portion of San Francisco's Ghirardelli Square was sold this week as Jamestown, an Atlanta-based investment firm, picked up the property for a reported $54 million. The 12-building, 101,258-square-foot retail center in the Fisherman's Wharf District of San Francisco generated more than 30 offers when it came to market. Holliday Fenoglio Fowler's San Francisco office represented the seller, Ghirardelli Acquisition Co., in the transaction; Jamestown's representation was undisclosed, but press releases note that they purchased the complex free and clear of existing financing. The property, which was once the home of Ghirardelli chocolate company's production facilities, was 55% occupied at the time of sale.
Jamestown, which owns Chelsea Market in Manhattan and Ponce City Market in Atlanta, announced that it plans to invest $15 million to revive the property. "Ghirardelli Square is an American icon," Jamestown COO Michael Phillips said in an interview. The firm is hoping for a restaurant-leasing revival mirroring the square's 1990s heyday, when it attracted diners including football stars Joe Montana and Jerry Rice, Phillips said. "Food focus is part of our company culture."
"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 HFF's Nicholas Bicardo.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment