**San Francisco Centre Mall May Sell at Deep Discount Amid Redevelopment Interest**
The 1.5-million-square-foot San Francisco Centre mall, which closed in late October, may soon have a new owner—and potentially at a significantly reduced price. According to the San Francisco Chronicle, at least four local developers are actively pursuing the acquisition of the massive retail complex at 865 Market Street, located adjacent to a major public transit hub in downtown San Francisco.
The interested parties reportedly include TMG Partners, Prado Group, Presidio Bay Ventures, and the San Francisco Recovery Fund. All four are San Francisco-based real estate investors with deep local roots, each likely bringing distinct redevelopment visions for the beleaguered retail property.
CBRE’s Kyle Kovac and Mike Taquino, who are leading the marketing efforts for the sale, aim to secure a purchase price north of $100 million—roughly $67 per square foot. That figure marks a significant drop from the property’s previous valuation of over $1 billion just ten years ago.
The mall, formerly known as Westfield San Francisco Centre, changed hands in a foreclosure auction last year, with Deutsche Bank and JPMorgan Chase taking control. The potential sale reflects ongoing challenges for urban retail centers, as well as opportunities for reimagining underutilized assets in key city locations.
