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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 soon be under new ownership—potentially at a steep discount, according to the San Francisco Chronicle. The property, located at 865 Market Street next to one of the city’s major transit hubs, has attracted interest from at least four local developers.
Among the potential buyers evaluating the mall are TMG Partners, Prado Group, Presidio Bay Ventures, and the San Francisco Recovery Fund. All are San Francisco-based real estate firms with local expertise and likely varying visions for the site’s future redevelopment.
CBRE brokers Kyle Kovac and Mike Taquino, who are handling the sale, reportedly aim to sell the property for a minimum of $100 million—equivalent to approximately $67 per square foot. This is a significant drop from the property’s valuation over a decade ago, when it was estimated to be worth more than $1 billion.
The property, previously known as Westfield San Francisco Centre, was transferred to Deutsche Bank and JPMorgan Chase in a foreclosure auction last year.
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