Overview
- The joint buyers, Presidio Bay Ventures and the Prado Group, confirmed Wednesday that they will not move forward after months of due diligence on the San Francisco Centre.
- Sources told reporters the lenders and brokerage plan to relist the property following the buyers’ exit, leaving the sale process open to new offers.
- Reporting showed that negotiators raised issues about a long-term ground lease held by the San Francisco Unified School District but insiders disputed that the lease was the single reason the deal fell apart.
- Lenders Goldman Sachs and JPMorgan Chase took title at foreclosure last year after the former owners defaulted on a reported $558 million loan and then hired CBRE to market the mall as a redevelopment opportunity.
- The 1.2–1.5 million-square-foot complex permanently closed in February after years of tenant losses, and the stalled sale deepens uncertainty about downtown San Francisco’s retail recovery and the timeline for reusing the site.