Presidio Bay, Prado Group Win Contract for Shuttered San Francisco Centre

Presidio Bay Ventures and the Prado Group were chosen to acquire the shuttered San Francisco Centre, the former Westfield/Emporium mall that spans Fifth and Market and Fifth and Mission in downtown San Francisco, city sources and marketing materials show. The joint venture beat bids from an unnamed out‑of‑town investment group, two other local developers and at least one national firm; the partners now need to close the deal and face a due diligence period expected to stretch up to three months.

The transaction follows a lender foreclosure in November that left the complex largely emptied and officially closed, with eviction notices issued to tenants in December. Longtime anchor Nordstrom departed in 2023, a turning point cited by local real estate accounts, and the mall’s nine‑screen movie theater also closed in 2023. CoStar reporting and on‑the‑ground observations put leasing at under 10 percent when evictions were served, and CBRE senior vice president Alex Sagas noted the property was “93% uh, vacant” while arguing downtown fundamentals still matter.

Facts about the property vary across market reports. The Centre is described as either a 1.2 million square foot complex in several accounts or 1.5 million square feet in others, and one report called it a roughly 5‑acre site that more than a decade ago was valued at over $1 billion. Valuation snapshots are mixed: a Morningstar figure cited in broadcast coverage placed the center at $195 million, down 25 percent from August 2024, while buyer guidance materials used during marketing set price guidance at $100 million and sources expected any winning bid to land over $130 million. One report noted an outstanding loan of more than $560 million tied to the asset prior to foreclosure.

Ownership and bank control of the asset remain inconsistent across filings and reporting. Some accounts say JPMorgan Chase and Goldman Sachs formally took control via foreclosure, while others name JPMorgan Chase and Deutsche Bank as the banks now marketing the property through CBRE. CBRE’s offering brochure framed the site as a “blank slate” and a “unique platform for large‑scale reinvention,” suggesting conversion possibilities to housing, offices or mixed uses rather than a resumption of the mall’s former retail footprint.

Local planners and civic voices have framed the sale as a potential turning point for downtown recovery. On a KQED forum Alexis Madrigal said, “It really does start to feel like an opportunity, in a strange way.” SFStandard editors went further, saying, “The impending sale and potential revival may mark a milestone in the city’s economic recovery.” Presidio Bay and Prado Group did not provide public redevelopment plans at the time of selection, and reporters seeking comment from the developers and CBRE reported no immediate response.

With bidding concluded and a three‑month due diligence window opening, the next concrete checkpoints will be confirmation of which banks control the asset, clarification of the property’s square footage from public records, and any disclosure of the final purchase price when the parties close. The Centre’s spiral elevator and historic Tiffany dome skylight remain part of the physical fabric that any new owner will inherit as they decide whether to pursue housing, offices, retail, or a hybrid reuse.