Local Developers Snap Up Vacant Westfield Mall With Plans That Include Housing

"The partnership of Goldman Sachs and JPMorgan Chase, who purchased the mall property out of receivership in November and foreclosed on a $560 million outstanding loan tied to it, have selected Presidio Bay and Prado Group to take over the property for an undisclosed sum. The Chronicle reported that the estimated winning bid amount was around $130 million."

"The SF Standard was first to the news of the sale, and had anonymous sources who said that the developers have plans for a mix of housing, office, and some retail space in the massive, 1.5 million-square-foot complex. The mall, which occupies more than a city block starting at Fifth and Market and stretches back from Market Street to Mission Street."

"Originally home to a 9-screen Century cinema on its top floor and a Bloomingdale's, the mall's overall occupancy slowly dwindled over the last three years after owners Unibail-Rodamco-Westfield and Brookfield Properties handed the keys back to their lender in 2023. All but one of the tenants were evicted in January and early February."

Presidio Bay and Prado Group have been selected as winning bidders to purchase the former Westfield mall in San Francisco for an estimated $130 million. The property was acquired by Goldman Sachs and JPMorgan Chase out of receivership in November after foreclosing on a $560 million loan. The 1.5 million-square-foot complex, spanning from Fifth and Market to Mission Street, will be redeveloped with a mix of housing, office, and retail space. The mall's occupancy declined significantly over three years before owners returned the property to lenders in 2023. Most tenants were evicted in early 2024, and the bidding process moved quickly to completion.

Read at sfist.com