Austin Klar tours San Francisco Center, a former Westfield Mall that lost 75% of its value after anchor tenants fled during the pandemic. Bloomingdale's closure left it with no major retailers. The property's auction has been postponed repeatedly and is now scheduled for March 27.
The auction for the beleaguered San Francisco Center has been delayed yet again, making the site's future an even bigger question mark. The former Westfield Mall's troubles accelerated during the pandemic as several flagship tenants announced that they'd be leaving the space, and those troubles have only intensified in recent months with the announcement of Bloomingdale's, the largest remaining tenant, closing up its storefront there in the spring. As vacancies increased, the mall's value dropped by about 75%, and its lenders had initially intended the mall to be auctioned in November of 2024, but it was delayed to December, then again until February, and it's been delayed for a third time time, this time until March 27th. During this time, the mall has been managed by a receiver, Trident Pacific and JLL. We'll see if they actually hold an auction and we can get some clarity on the future of what was once one of the most beautiful mall sites in the state. Follow me for more Bay Area real estate.
