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Shuttered San Francisco Centre May Sell at Deep Discount
The 1.5-million-square-foot San Francisco Centre mall, which closed late last month, may be on the verge of new ownership, likely at a deep discount, the San Francisco Chronicle reported. At least four local developers are vying to acquire the complex at 865 Market St., located next to a major transit hub.
Potential buyers that evaluated the property include TMG Partners, Prado Group, Presidio Bay Ventures and the San Francisco Recovery Fund, reported the Chronicle. All are San Francisco-based real estate investors and developers with strong local ties and likely different redevelopment strategies.
The Chronicle said CBRE’s Kyle Kovac and Mike Taquino, who are marketing the property, intend to sell it for at least $100 million, or about $67 per square foot. The mall, formerly known as Westfield San Francisco Centre, was valued at more than $1 billion a decade ago. It reportedly sold to Deutsche Bank and JPMorgan Chase in a foreclosure auction last year.
- ◦Sale/Acquisition
