SAN FRANCISCO—Westfield made an announcement on June 12 that it will not keep operating the mall located in downtown San Francisco, following Nordstrom’s planned closure which was announced in May.
The San Francisco Chronicle reported the Westfield Corporation stopped making payments on a $558 million loan, and its partner Brookfield Properties has started the process of transferring ownership to a receiver.
The company said in an announcement, “For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property. Given the challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy, and foot traffic, we have made the difficult decision to begin the process to transfer management of the shopping center to our lender to allow them to appoint a receiver to operate the property going forward.”…