S.F. icon Ghirardelli Square, destination for tourists and locals, has been sold

San Francisco icon Ghirardelli Square has been sold.

Investment firm Embrace Real Estate and its affiliate 1823 Partners bought the 12-building complex from Jamestown, the companies said Friday. It's Embrace's first acquisition in the Bay Area.

Embrace and Denver-based Continuum Partners will manage the complex, which is currently fully leased. The price wasn't disclosed.

The 1862 property was formerly a textile mill and chocolate factory before it was converted into shops and restaurants after its namesake chocolatier Ghirardelli moved its headquarters to San Leandro in the 1960s. Ghirardelli maintains a chocolate shop on site.

Jamestown bought the property in 2012 when it was around half empty. It sought to attract more locals to the square with shops and food destinations, a strategy that nearby Fisherman Wharf is also focusing on. The company also restored the historic 1915 sign and clocktower. Jamestown also redeveloped Chelsea Market in New York and Ponce City Market in Atlanta.

"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," said Brandon Tarpey, founder of Embrace Real Estate, in a statement.

Ghirardelli Square now attracts 9 million visitors a year. Tenants include Palette Tea House, Barrio tacos, San Francisco Brew Co. and Hardware Coffee Co., which is seeking to expand to West Portal.

"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. We continue to believe in the long-term opportunity of San Francisco and are investing in our portfolio of properties throughout the Bay Area, including Levi's Plaza and Waterfront Plaza in the City's Northern Waterfront," said Alex Schwiebert, Jamestown senior vice president.

San Francisco Business Times first reported the sale.

Embrace also owns property in New York, South Florida and Aspen, Colo.

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This story was originally published April 24, 2026 at 7:09 PM.