Ghirardelli Square Enters New Era with Acquisition by Investment Trio

SAN FRANCISCO, CA – April 27, 2026 – In a significant move signaling renewed investor confidence in San Francisco's landmark properties, the iconic Ghirardelli Square has been acquired by a partnership of Embrace Real Estate, its affiliate 1823 Partners, and the acclaimed developer Continuum Partners. The partnership purchased the historic waterfront destination from Jamestown, which had stewarded the property for over a decade. The transaction, described as a "generational transfer," places one of the nation's most recognized mixed-use assets into the hands of a team renowned for its expertise in adaptive reuse and community-focused development.

The acquisition encompasses the 12-building complex at 900 North Point Street, a site steeped in history with origins dating back to 1862. Home to the Ghirardelli Chocolate Company's U.S. flagship, a collection of restaurants and retailers, and a Fairmont Heritage Place hotel, the property is a cornerstone of the Fisherman's Wharf district. Its famous 19-foot illuminated sign has been a fixture of the city's skyline since 1915. Denver-based Continuum Partners will spearhead the business plan, leasing, and daily operations, bringing a wealth of experience to the celebrated San Francisco landmark.

A Vote of Confidence in San Francisco's Revival

The deal, estimated by industry sources to be in the $75 million to $80 million range, represents more than just a change of hands; it is a substantial wager on the continued recovery of San Francisco's economy, particularly its tourism and retail sectors. While the city's downtown core has faced a challenging recovery post-pandemic, areas like Fisherman's Wharf are showing signs of robust revitalization. Recent data indicates that foot traffic in the tourist-heavy district has seen a notable year-over-year increase, marking its strongest performance since before 2020.

This positive momentum provides a compelling backdrop for the acquisition. Mark Falcone, CEO and Founder of Continuum Partners, directly acknowledged the city's upward trajectory. "There is real momentum in San Francisco under Mayor Lurie’s leadership, and we see Ghirardelli Square as an important part of that story," he stated. This sentiment reflects a strategic decision to invest in an asset class—well-located, experience-driven retail—that is outperforming more traditional retail spaces. The new ownership appears to be capitalizing on a market that is stabilizing, with citywide retail vacancy showing slight improvement and market rents firming up after several years of turbulence.

The investment in Ghirardelli Square stands in contrast to the narrative of retail decline that has dominated headlines. By acquiring a fully leased property with nearly nine million annual visitors, the new owners are banking on the enduring appeal of iconic destinations that offer a unique blend of history, culture, and commerce.

A Legacy of Stewardship and a Vision for the Future

The new ownership group inherits a property that is already on solid footing, thanks to the decade-long stewardship of Jamestown. Since acquiring the Square in 2013 for a reported $56 million, Jamestown executed a remarkable turnaround, taking occupancy from 55% to 100%. Their tenure included the crucial restoration of the Ghirardelli sign and clocktower and a successful curation of tenants that reestablished the Square as a destination for both locals and tourists. "We’ve been proud stewards of Ghirardelli Square for over a decade and believe the property is well positioned for continued momentum under the new ownership team," said Alex Schwiebert, Senior Vice President at Jamestown, which continues to invest in other Bay Area properties like Levi's Plaza.

Building on this foundation, the new owners plan what sounds less like a radical overhaul and more like a thoughtful evolution. Brandon Tarpey, Founder and Managing Partner of Embrace Real Estate, outlined the strategy: "Our focus will be elevating the merchandising, introducing best-in-class tenants and experiences, and ensuring the Square remains both a premier destination for visitors and a place that resonates with the local community." This approach suggests a focus on refining the tenant mix and enhancing the overall visitor experience rather than a complete gut renovation.

Anant Bhalla, Co-Founder and CEO of 1823 Partners, emphasized the long-term perspective of the investment. "Our strategy is grounded in enduring value and long-term ownership, partnering with world-class operators and investing in assets that stand the test of time," Bhalla said. "Ghirardelli Square exemplifies that approach, and we are proud to steward this iconic landmark’s rich heritage in San Francisco for decades to come."

The Power Trio Behind the Purchase

The strength of the acquisition lies in the complementary expertise of the three firms involved. While Embrace Real Estate brings a global network and deep experience in leasing premier retail assets in markets like New York and Aspen, and 1823 Partners provides the long-term investment philosophy of an institutional asset manager, it is Continuum Partners that will shape the property's future on the ground.

Continuum Partners has a distinguished track record in transforming complex urban sites into vibrant, community-centric places. The firm was the co-master developer for the redevelopment of Denver's Union Station, a project that revitalized a historic transit hub and its surrounding 19.5 acres into a thriving mixed-use neighborhood. That project, along with their Belmar mixed-use district, earned the prestigious Urban Land Institute Global Award for Excellence, a testament to their skill in blending historic preservation with modern urban design.

This experience is directly applicable to Ghirardelli Square, which is itself listed on the National Register of Historic Places and is widely regarded as one of the country's first and most successful adaptive reuse projects. Continuum's portfolio demonstrates a deep understanding of how to create successful pedestrian environments that honor a site's history while integrating modern amenities and fostering a strong sense of place. Their involvement suggests that future changes to the Square will be handled with a deep respect for its architectural and cultural significance.

As the new stewards take charge, their combined expertise in investment, leasing, and community-focused development positions them to navigate the delicate balance of preserving a historic treasure while ensuring its commercial vitality. The plan is to strengthen the Square's connection to the local community while continuing to enchant the millions of visitors who walk its brick-laden plazas each year, ensuring this piece of San Francisco history continues to thrive well into the future.