Dead mall walking: Inside the reeling San Francisco Centre, store owners pray for a turnaround

By Free Republic | Created at 2024-09-26 19:05:49 | Updated at 2024-10-01 04:23:40 4 days ago
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Dead mall walking: Inside the reeling San Francisco Centre, store owners pray for a turnaround
The San Francisco Standard ^ | Jan. 24, 2024 | Kevin V. Nguyen

Posted on 09/26/2024 12:03:46 PM PDT by Vendome

the San Francisco mall’s most prominent anchor tenant, Nordstrom, announced it would close its doors in August, leaving more than 300,000 square feet vacant across five floors. Shortly thereafter, the mall’s owners, Westfield and Brookfield Properties, said they were handing the property back to lenders .

...stripped of the Westfield name and the brand’s distinctive red lettering, the 1.5-million-square-foot San Francisco Centre has become synonymous with the challenges of Downtown San Francisco: a hollowed-out business district, vacancy rates hovering at historic highs, widespread public safety concerns and business owners like the Politrons trying to find a way to survive

On their way out the door, companies like Nordstrom and Whole Foods have cited deteriorating street conditions and security concerns for their decision to close up shop Downtown. 

Meanwhile, every person involved in commercial real estate agrees that the flight of office workers from urban cores broke the dam.  

As the property’s custodian, Trident Pacific has the authority to manage, reposition and potentially sell the property. Soon after its appointment, Trident Pacific enlisted real estate firm JLL as its property manager to market vacant spaces to prospective tenants. The firm is also responsible for regularly reporting on the property’s financial position. 

The receiver reported that last October, it collected around $740,000 in rent from existing tenants against more than $1.9 million in expenses for the property, a not particularly attractive equation. 

The new landlord has also invested in placing additional security guards on every floor


(Excerpt) Read more at sfstandard.com ...


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KEYWORDS: government; killed; mall; mandate

Went to Westfield Mall yesterday, as I was in the area and a friend wanted me to pickup something for her that just happened to be available and only in that store.

What a weird place to be.

I felt like I was in the Financial Disctrict of San Francisco circa 2020 or the bald face lie of Covid.

I went to the 3rd floor to get this piece of clothing and on my way immediately saw 2/3rds of stores closed and observed the same on the way out.

Theater was gone as well, which is just terrible as that was one beautiful place to see a movie.

I took pictures of 5 floors just completely or nearly empty and sent them to friends.

The agreed it was awful.

There is no way in this mortal coil for that mall to be full again.

I will never go there again.

1 posted on 09/26/2024 12:03:46 PM PDT by Vendome

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