A foreclosure auction for the troubled San Francisco Centre mall has been delayed once again.
The mall’s latest foreclosure auction date was set Aug. 21, but it has been pushed for the seventh time to next month, the San Francisco Chronicle reported, citing First American Title, one of the companies managing the sale.
The auction, now set for Sept. 4, was originally scheduled for late last year after previous mall owners Unibail-Rodamco-Westfield and Brookfield Properties stopped making mortgage payments and abandoned their ownership post. That led to a lawsuit from lenders including JPMorgan and Deutsche Bank over unpaid debt.
At one point, San Francisco Centre was one of the best-performing malls on the West Coast, but it’s largely become a ghost town. The shopping center is between 30 percent and 40 percent occupied, according to the San Francisco Examiner, representing a steep drop from 96 percent in 2016. By that estimate, between 750,000 and 1 million square feet is vacant at the 1.5 million-square-foot mall.
The mall’s court-appointed receiver Trident Pacific and real estate broker JLL are not involved in the auction process.
Retailers and restaurants have been running for the doors over the past two years.
In 2023, Nordstrom closed its flagship at the mall as part of its citywide exodus. It was followed by another anchor department store, Bloomingdale’s, earlier this year. Several other retailers have exited in recent months, including Zara, Steve Madden, Kate Spade, Sunglass Hut, Oak + Fort and Razer electronics.
It’s gotten harder to find a bite to eat at the barren shopping center. Restaurants and food court outposts have closed up shop, with the latest departees including Jamba Juice, Blondie’s Pizza, Izzy & Wooks sandwich shop, Mija Cochinita taco shop, Mai Savory Hot Dogs and a Fires of Brazil barbecue restaurant.
Foot traffic has dropped off significantly as the mall empties out. Visitors to San Francisco Centre fell 63.3 percent between 2019 and 2024, according to the San Francisco Business Times. It was just as bad from January to May of this year with foot traffic down 68 percent from the same period in 2019 and between 25 and 40 percent year-over-year.
— Chris Malone Méndez
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