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Second Buyer Emerges for Vacant San Francisco Centre
A buyer has been found for the vacant San Francisco Centre, the San Francisco Chronicle first reported. Although the buyer has not been identified, reports on the Chronicle and the San Francisco Standard suggested that it could be New York-based Seven Equity Group, which specializes in repositioning distressed retail and mixed-use properties.
The Seven Equity bid was selected from a pool of potential buyers after July’s collapse of a previous deal to acquire the 1.2-million-square-foot retail property. The Centre is now in the hands of a group of bondholders that previously purchased the debt position from lenders Deutsche Bank AG and JPMorgan Chase Bank, who originated a $558-million mortgage to Unibail-Rodamco-Westfield and Brookfield Properties in 2016, reported the Standard.
URW and Brookfield defaulted on the debt last year, leading to foreclosure. Once a crown jewel of downtown San Francisco, the property is now believed to be valued at $130 million.
- ◦Sale/Acquisition
