A new effort is underway to attract a buyer for the San Francisco Centre, the once-grand 1.5 million-square-foot mall that was shuttered in January.
In a LinkedIn post, Kati Thabit, a vice president on the CBRE Northern California Capital Markets team, stated that her brokerage will launch a call for initial offers on Sept. 9 at 5:00 pm PDT.
Thabit also stated the mall reached an agreement with San Francisco Unified School District that extends the district’s “ground lease through 2082 and significantly reduced the annual ground lease payments, enhancing the property’s long-term economics. which owns some of the land that the mall sits on.”
In 2023, the property’s owners Unibail-Rodamco-Westfield and Brookfield Properties defaulted on a $600 million loan and abandoned the property. This resulted in a foreclosure sale last November, with the property selling for $134 million. More than a decade ago, the 5-acre complex was valued over $1 billion.
In March, a report in the San Francisco Chronicle, citing input from unnamed “sources with insight into the mall’s sale,” claimed the property was sold for $100 million to a partnership of Presidio Bay Ventures and Prado Group. However, that deal reportedly fell through last month, with the partner companies offering no public comment on the matter.
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