"There was finally some resolution last week on the fate of downtown SF's former Westfield Mall. which has hardly any tenants left, and has a vacancy rate of as high as 95%. But someone actually bought the mall last week at a fire-sale price, with the buyers being a consortium of banks like Deutsche Bank and JPMorgan Chase. And we all wondered if the new owners would keep that property operating as a shopping mall, or turn it into something else."
"The letter demands that the retailers "immediately vacate and surrender the premises," and says that their lease was "extinguished" by the sale of the mall to new owners. The letter adds that the new owners "will not permit any holdover," and of course, demanded immediate payment of any rent that is currently due. "The company is still trying to figure out how to get us out of here," an anonymous employee of one of the evicted stores told the Business Times. "But 'immediately' is not possible.""
Downtown San Francisco's former Westfield Mall, the San Francisco Centre, now has as high as 95% vacancy with only a handful of retailers remaining. A consortium of banks including Deutsche Bank and JPMorgan Chase purchased the mall at a fire-sale price. The new owners say the sale extinguished existing leases and have sent letters demanding tenants immediately vacate, pay outstanding rent, and prohibiting holdovers. Remaining tenants report being placed into liquidation and say immediate departure is not possible. The property is likely to be redeveloped rather than continue operating primarily as a shopping mall.
Read at sfist.com
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