The San Francisco Centre Mall will have a new owner.
A partnership of San Francisco developers Presidio Bay and Prado Group has been awarded the property after bidding on it last month, sources say.
The 1.2 million-square-foot property, the largest mall in San Francisco, had been languishing for years and was emptied out after it was foreclosed upon by lenders in November.
Sources familiar with the sale process told The Standard that the partnership was a finalist alongside an unnamed investment group from out of town.
The sale price is not known. Real estate firm CBRE, which was marketing the property for sale, declined to comment.
Neither Presidio Bay nor Prado responded to requests for comment, but sources said the group intends to redevelop parts of the mall into office space while preserving portions of retail. The partners still need to close on the deal.
Both developers have been active acquiring properties and entitling new projects since the pandemic.
Presidio Bay is in the process of renovating an office skyscraper at 88 Spear St. and recently unveiled plans to partially demolish the former U.S. Geological Survey campus in Menlo Park to transform it into a mixed-use neighborhood. The firm also acquired an office building at 333 Valencia St. in January.
Prado Group is currently developing two housing projects in Presidio Heights.
The San Francisco Centre, which originally opened in 1988, was previously the crown jewel of the city’s brick-and-mortar retail market with signature features like the country’s first spiral elevator and its historic Tiffany dome skylight.
But the mall, which was formerly branded under various names including Westfield and Emporium, has been on a steady decline since previous owners Unibail-Rodamco-Westfield and Brookfield Properties defaulted on their loan and anchor tenant Nordstrom left in 2023.
The mall’s declining fortunes and issues with street conditions outside made it a symbol for the struggling state of San Francisco’s downtown core.
Now, the shopping center’s impending sale and potential revival may mark a milestone in the city’s larger economic recovery.
This is a developing story and will be updated.