A
1.45 million-square-foot indoor mall in Downtown San Francisco is up for sale as lenders prepare to foreclose on the property. The Westfield San Francisco Centre at 865 Market Street will be auctioned off on November 14, with Deutsche Bank AG and JPMorgan Chase seeking a buyer after Brookfield Properties and Westfield defaulted on a $558 million loan. The mall's value has plummeted from $1.22 billion in 2016 to $290 million due to store closures and changing ownership.
A new owner is seen as crucial for the mall's revival, with retail experts saying a rebound is only possible under fresh leadership. If no third-party buyer emerges, the lenders may submit a placeholder bid to seize control from Brookfield and Westfield. The mall has been renamed Emporium Centre San Francisco by its current receiver, Trident Pacific Real Estate Group.
The Metreon shopping center across the street, anchored by Target and an AMC Imax theater, is 92% leased and listed for sale via assumption of a long-term lease with the City of San Francisco.
