The desolate and distressed San Francisco Centre, once a Westfield mall before its owners handed back the keys, stands in stark contrast to Unibail-Rodamco-Westfield’s outdoor shopping center in Century City. The San Francisco mall, owned by Unibail-Rodamco-Westfield and Brookfield Properties until the two entities stopped making payments on a $558 million note and then bailed, is now worth less than $200 million. That means the shopping center is worth a billion dollars less than it was nine years ago. It isn’t hard to see why: the 1.5 million square foot retail spot is only seven percent occupied. And the lender […]
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