BH Properties has acquired Anchorage Square, a 322,000 mixed-use property in San Francisco’s Fisherman’s Wharf that is anchored by the 128-key Courtyard San Francisco Fisherman’s Wharf.
At 2.6 acres and encompassing an entire city block, the property’s other components include 28,800 sq. ft. of office space, 63,000 sq. ft. of retail space and a 685-stall parking garage.
“Anchorage Square has long been an important part of the fabric of Fisherman’s Wharf and one of the top-performing properties in all of San Francisco,” said Jim Brooks, president, BH Properties. “We see positive signs of tourism in Fisherman’s Wharf returning to its pre-COVID levels, and the property’s location between Pier 39 and Ghirardelli Square will be a key demand driver.”
One of those signs is that the on-site hotel reports that ADR and RevPAR continue to improve. Additionally, at more than 80%, the hotel exceeds the market’s overall average occupancy rate of 70%.
BH Properties plans an extensive capital improvement program that will include a complete upgrade of the property’s facade, tenant spaces and common areas, new landscaping, lighting, signage and wayfinding. The Los Angeles-based firm will also evaluate alternative uses for the existing office space, which may include restaurant and entertainment options. The firm has engaged CBRE’s San Francisco-based retail team, led by Laura Barr, to advise on the repositioning of the property and lead the leasing efforts.
This is the second major real estate investment in the San Francisco Bay area by BH Properties in the past 45 days. In June, the firm acquired the 60-acre Holy Names University in Oakland, CA, which ceased operations in May.
“We see this as an opportunity to add a marquee asset to our growing Bay Area portfolio,” Brooks added.
Built in 1974, Anchorage Square is bounded by Jones, Leavenworth, Beach and Jefferson Streets. Its location is adjacent to the San Francisco Cable Car Fisherman’s Wharf turnaround at Hyde and Beach Streets.
Eastdil Secured brokered the transaction.