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Local Developers Under Contract on San Francisco Centre, Plan Makeover
The shuttered San Francisco Centre Mall will have a new owner. A partnership of San Francisco developers Presidio Bay and Prado Group has been awarded the property after bidding on it last month, The San Francisco Standard reported. The firms now need to close on the deal, and the San Francisco Chronicle reported that a three-month due diligence period is ahead.
The 1.2 million-square-foot property, the largest mall in San Francisco, had been languishing for years and was emptied after it was foreclosed upon by lenders in November. Sources familiar with the sale process told The Standard that the partnership was a finalist alongside an unnamed investment group from out of town.
The sale price is not known. The Standard reported that CBRE, which was marketing the property for sale, declined to comment.
The new owners plan a redevelopment of the mall, converting some of the space into office space while keeping some retail, according to The Standard.
- ◦Sale/Acquisition
