A shuttered 1.2 million-square-foot mall in San Francisco is on track to change hands, with a local development team moving toward acquisition and redevelopment of the distressed asset. A partnership of San Francisco developers Presidio Bay and Prado Group has been selected as the buyer for San Francisco Centre after submitting a bid last month, according to reporting by the San Francisco Standard.
The transaction is not yet complete. The partnership must still close on the purchase, and the San Francisco Chronicle reported that the parties are entering a three-month due diligence period before the deal is finalized. During this window, the buyers are expected to evaluate the property and confirm their redevelopment plan.
San Francisco Centre, described as the city’s largest mall, has been largely inactive for an extended period. The property was emptied after lenders foreclosed on it in November, following years in which the asset had been languishing. Sources cited by the Standard indicated that the Presidio Bay and Prado Group team emerged as the winning bidder over at least one other finalist, identified as an out-of-town investment group that was not named.
The sale price for the transaction has not been disclosed. The Standard reported that CBRE, which was engaged to market San Francisco Centre for sale, declined to comment on pricing or other transaction specifics. No details have been made public on capital structure, lender participation, or timing for closing beyond the three-month diligence period.
According to the Standard, the prospective buyers intend to rework the former mall rather than maintain its existing format. Their concept reportedly includes converting a portion of the project’s space into offices while retaining some level of retail use. No additional information was provided on the anticipated mix of uses, scope of construction, or expected phasing.
The current reports do not identify the seller by name, nor do they outline any planned leasing strategy or tenant commitments. Information about project costs, entitlements, or potential future ownership structure was also not disclosed in the publicly available accounts. Further details are expected as the transaction progresses through due diligence and toward closing.
