Anchorage Square is LA-based real estate firm’s second major Bay Area acquisition in 45 days.
SAN FRANCISCO – Aug. 7, 2023 – PRLog — BH Properties has acquired Anchorage Square, a 322,000 mixed-use property in the center of San Francisco’s famed Fisherman’s Wharf.
At 2.6 acres, Anchorage Square is one of the largest privately held mixed use retail sites on the Wharf. Encompassing an entire city block, Anchorage Square’s components include a 128-key Courtyard by Marriott, 28,800 square feet of office space, 63,000 square feet of retail space and a 685-stall parking garage, one of the largest parking structures in the submarket. The retail space, which includes 435 linear square feet of frontage along Jefferson Street, the main thorofare along the Wharf, is anchored by the only In-N-Out burger restaurant in San Francisco.
“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 BH Properties President Jim Brooks. “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 average daily rate (ADR) and revenue per available room (RevPAR), two of the most important metrics to measure hotel performance, 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 façade, tenant spaces and common areas, new landscaping, lighting, signage and way finding. 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, 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. It’s location is adjacent to the famed San Francisco Cable Car Fisherman’s Wharf turnaround at Hyde and Beach Streets.
Eastdil Secured brokered the transaction.
About BH Properties
Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with regional offices in Phoenix, Dallas, Houston and Seattle, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases. Today the company owns and operates nearly 10 million square feet across 16 states.
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