BH Properties acquires mixed-use San Francisco development

BH Properties has acquired Anchorage Square, a 322,000-square-foot 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.

“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 positive signs is that the on-site hotel reports that average daily rate and revenue per available room continue to improve. Additionally, at more than 80 percent, the hotel exceeds the market’s overall average occupancy rate of 70 percent.

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 wayfinding. The Los Angeles-based firm will also evaluate alternative uses for the existing office space which may include restaurant and entertainment options.

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.