"The trouble started in mid-2023, when the owners Westfield Corp and Brookfield Properties abandoned the property to its lender and stopped making loan payments. And it's been nothing but death spiral for the mall since, as that news arrived about a month after Nordstrom announced they were closing their giant department store there, and every retailer in the place you could name quickly followed suit. Last we heard, the mall was 95% vacant."
"But the ninth auction was the charm. The SF Business Times has reports that the San Francisco Centre mall finally sold at auction on Wednesday to a conglomerate of banks and investors headlined by Deutsche Bank and JPMorgan Chase, per the Business Times. (The auction actually happened on the steps of SF City Hall on a chilly November day.) The minimum bid was $133 million, which is exactly what the conglomerate of banks offered. They were the only bidders."
The San Francisco Centre mall was largely emptied after owners Westfield Corp and Brookfield Properties surrendered the property to their lender and stopped loan payments in mid-2023. Nordstrom closed its large department store about a month before the surrender, triggering widespread tenant departures that left the mall roughly 95% vacant. Multiple foreclosure auctions were repeatedly delayed as the building's value shifted with tenant losses. On the ninth auction, a consortium of banks and investors led by Deutsche Bank and JPMorgan Chase purchased the mall at a $133 million minimum bid on the steps of SF City Hall. The lenders plan to resell the property.
Read at sfist.com
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