California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Deal for Shuttered San Francisco Centre Collapses as Buyers Walk Away
The sale of the now-vacant San Francisco Centre has fallen through as developers Prado Group and Presidio Bay Ventures have walked away from the pending deal, the San Francisco Chronicle first reported. Sources told the Chronicle that the plan is now to re-list the 1.5-million-square-foot retail property, which went on the market shortly after lenders Goldman Sachs and JPMorgan Chase won a foreclosure auction with a $134-million credit bid last November.
In a statement, the would-be buyers confirmed that they had dropped out. “Presidio Bay Ventures and the Prado Group were diligently evaluating a potential purchase transaction,” according to the statement. “After extensive diligence and thoughtful evaluation, we are not currently moving forward with the transaction.”
The Centre’s previous owners, Unibail-Rodamco-Westfield and Brookfield Properties, defaulted on a $558-million loan in June 2023, saying the downtown mall was no longer financially viable following the COVID-19 pandemic and downtown’s slow commercial recovery.
- ◦Sale/Acquisition
