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The Largest Shopping Center in San Francisco Is Going Back to The Lender

Jun 13, 2023 | Posted by Jeff Weil | Califorina Business, California Economics, Mortgage, National Economu, Real Estate Landlords, Retail Leasing, San Franciisco, The Office Market, Trends, U.S. Economics |

 

We reported recently that the 312,000 square foot anchor tenant, Nordstrom’s, was shutting down after 35 years, and if you have ever walked on Market Street where the center is located you would experience the huge homeless and drug problems that scare shoppers away. Office occupancy in San Francisco is the lowest in the country, reportedly at only 40%. The 1.5 million square foot mall with a $558 million loan looks like it is going back to the lender. Rivan, the eletrical vehicle manufacturer, is downsizng  and put  350,000 sf  for sublease of manufacturing space in Hayward, while Tesla just expanded and leased a 210,000 sf manufacturing facility in Fremont. In Atlanta,  Blackstone is selling Three Ravinia Drive, an 824,000 sf office building which t paid $210 million for in 2016, for $175 million today. Wells Fargo  is selling 550 California St. in San Francisco, a 355,000 square foot office building it paid $108 million in 2005, for $42-46 million, which works out to $120-130/rsf for a downtown San Francisco office building. Owner/users of all shapes and sizes, this may be the time to get an office building at a fraction of replacement cost. You just need to have a solid idea of how much space you will need for the long-term, great credit and  financing or purchase all-cash.

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Jeffrey Weil, CCIM, MCR.h, SIOR

Executive Vice President
San Francisco Bay Area
1850 Mt. Diablo Blvd., Suite 200
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Phone: +1 925 279 5590
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Contact Information:

  • Jeffrey Weil
  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
  • +1 (925) 279 5590
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Contact Information

  • Jeffrey Weil
  • Colliers International
  • 1850 Mount Diablo Blvd., suite 200
  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
  • www.officetimes.com

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