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SAN FRANCISCO – The San Francisco Centre, a once-bustling hub of commerce in the city\u2019s downtown, has been sold.<\/p>\n
The 1.2 million-square-foot property, which is the largest mall in the city, has been sold to San Francisco developers Presidio Bay and Prado Group, which have formed a joint venture to take ownership of the property.<\/p>\n
The sales price is not known.<\/p>\n
What we know:<\/p>\n
Presidio Bay<\/a> is a commercial real estate investment and development firm that focuses on commercial, residential and mixed-use projects in states across the country.<\/p>\n Prado Group<\/a> is a privately held real estate investment and development company that focuses on urban residential, retail, office and mixed-use properties in California.<\/p>\n The San Francisco Centre, known in years past as Westfield and Emporium, among other names, has been in a steady decline since previous owners Unibail-Rodamco-Westfield and Brookfield Properties defaulted on their loan and stopped making mortgage payments in 2023. Anchor tenant Nordstrom left the same year.<\/p>\n The backstory:<\/p>\n The mall in Sept. 2025 was reportedly 95% empty<\/a>, and continued to lose retailers and restaurants in its food court.\u00a0<\/p>\n While the mall\u2019s business has flagged in recent years<\/a>, the area surrounding the property has seen something of a renaissance with new shops popping up \u2014 some through the city\u2019s Vacant to Vibrant<\/a> revitalization program, but also stores that are looking to stick around for the long-term, like the Union Square Nintendo store<\/a>, which opened in May, 2025.<\/p>\n