From The San Francisco Standard · · 1m 20s
SF Centre Mall Lands New York Buyer
New York firm wins bid to revitalize San Francisco's dead mall.
In brief
New York firm wins bid to revitalize San Francisco's dead mall. Seven Equity Group, a New York investment firm, will purchase the vacant San Francisco Centre Mall for $130 million to redevelop it. Originally reported by The San Francisco Standard.
Second auction for vacant mall
The San Francisco Centre Mall was auctioned off for a second time after previous buyers walked away.
New York firm wins bid
Seven Equity Group, a New York investment firm specializing in distressed retail, won the auction to purchase the mall.
Mall's debt history
The mall was foreclosed upon after Westfield and Brookfield defaulted on a $558 million mortgage from 2016.
Bondholders now own mall
Bondholders, who previously bought the debt from Deutsche Bank and JPMorgan Chase, now own the vacant property.
Mall valued at $130 million
Sources say the vacant mall is valued at around $130 million with redevelopment costs to follow.
Previous buyer walked away
The mall was initially auctioned to Presidio Bay and Prado Group, but they walked away after months of negotiations.
Mall's school district lease
The school district owns 75,000 square feet of land beneath the property and leases it to the mall owner.
Firm's past deals
Seven Equity Group previously bought a property at 25 Taylor St. and two Mission Street buildings for $15.5 million.
What matters most
Seven Equity Group, a New York investment firm, will purchase the vacant San Francisco Centre Mall for $130 million to redevelop it.
