Business & Tech
Massive CA Mall Up For Auction: Reports
The 1.5 million-square-foot mall has lost a series of major tenants since the coronavirus pandemic, one report said.
SAN FRANCISCO — The largest mall in San Francisco is set to go to a foreclosure auction next month, according to reports.
The city's downtown Emporium Centre San Francisco, previously a Westfield mall, is scheduled for auction Nov. 14, reports said.
Owners Brookfield and Westfield owed over $625 million to Deutsche Bank AG and JPMorgan Chase Bank as of Oct. 14, according to the San Francisco Business Times, which reported that if no third party comes forward, the lenders could bid to foreclose and take control of the mall.
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The 1.5 million-square-foot site has lost a series of major tenants such as Nordstrom, Lego and American Eagle since the coronavirus pandemic, according to the San Francisco Chronicle, which reported the mall dropped nearly $1 billion in value over six years, from $1.2 billion to $290 million as of 2022.
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