Walking away: San Francisco mall owner hands property back to bank as exodus continues

[Kyle]

Westfield bolting San Francisco Centre mall as city struggles with rampant crime


Shopping center giant Westfield is walking away from its San Francisco Centre mall, becoming the latest major company to leave the California city amid rampant crime problems.

Westfield confirmed to FOX Business Monday that the company and partner Brookfield Properties earlier this month stopped making payments on a $558 million loan securing the San Francisco Centre property.

"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," the company said in a statement.

"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."

"The Westfield San Francisco Centre is arguable the heart of retail in San Francisco," Dennis told FOX Business. "Another massive loss for the worst managed city in America.

What's scary is we're nowhere near the bottom."

Walking away: San Francisco mall owner hands property back to bank as exodus continues

Westfield has given up its San Francisco Centre mall according to a new report, making it the latest company to flee the crime-riddled California city.

www.foxbusiness.com

 

[Hijinx]

Westfield bolting San Francisco Centre mall as city struggles with rampant crime


Shopping center giant Westfield is walking away from its San Francisco Centre mall, becoming the latest major company to leave the California city amid rampant crime problems.

Westfield confirmed to FOX Business Monday that the company and partner Brookfield Properties earlier this month stopped making payments on a $558 million loan securing the San Francisco Centre property.

"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," the company said in a statement.

"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."

"The Westfield San Francisco Centre is arguable the heart of retail in San Francisco," Dennis told FOX Business. "Another massive loss for the worst managed city in America.

What's scary is we're nowhere near the bottom."

Walking away: San Francisco mall owner hands property back to bank as exodus continues

Westfield has given up its San Francisco Centre mall according to a new report, making it the latest company to flee the crime-riddled California city.

www.foxbusiness.com

Think of it this way.

Who was Mayor of San Francisco?
Who IS Governor of California?
Who wants to be President?

Does the name Newsom mean anything to you?
Do the words liberal moron mean anything to you?
Does the word failure mean anything?

 

[Merlin99]

Westfield bolting San Francisco Centre mall as city struggles with rampant crime


Shopping center giant Westfield is walking away from its San Francisco Centre mall, becoming the latest major company to leave the California city amid rampant crime problems.

Westfield confirmed to FOX Business Monday that the company and partner Brookfield Properties earlier this month stopped making payments on a $558 million loan securing the San Francisco Centre property.

"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," the company said in a statement.

"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."

"The Westfield San Francisco Centre is arguable the heart of retail in San Francisco," Dennis told FOX Business. "Another massive loss for the worst managed city in America.

What's scary is we're nowhere near the bottom."

Walking away: San Francisco mall owner hands property back to bank as exodus continues

Westfield has given up its San Francisco Centre mall according to a new report, making it the latest company to flee the crime-riddled California city.

www.foxbusiness.com

You know I can see why they would do this, they're losing money on the property and the neighborhood has gone to crap, but the bank gave them the loan in good faith and they should be obligated to pay. This is no different then walking away from your mortgage because you've got a crappy neighbor.

 

[Hijinx]

You know I can see why they would do this, they're losing money on the property and the neighborhood has gone to crap, but the bank gave them the loan in good faith and they should be obligated to pay. This is no different then walking away from your mortgage because you've got a crappy neighbor.

You are exactly right. See how far you get by just dropping your mortgage.

 

[vraiblonde]

SF can rot for all I care. They voted for this, so they clearly want it. I feel absolutely no sympathy or compassion for them.

 

[glhs837]

You know I can see why they would do this, they're losing money on the property and the neighborhood has gone to crap, but the bank gave them the loan in good faith and they should be obligated to pay. This is no different then walking away from your mortgage because you've got a crappy neighbor.

Now the city can sweep up some sweet state and federal grants to save the "troubled" property for revitalization. Next thing it will be a "bazaar" filled with shifty little stores selling crap that isn't even up to Dollar Trees high standards.

 

[stgislander]

Now the city can sweep up some sweet state and federal grants to save the "troubled" property for revitalization. Next thing it will be a "bazaar" filled with shifty little stores selling crap that isn't even up to Dollar Trees high standards.

Or they'll turn it into a huge homeless shelter.

 

[Kyle]

Or they'll turn it into a huge homeless shelter.

That might be the solution to all of california.

Wall it up and toss them over.

Homeless, Illegals, Addicts, Criminals, Democrats, ... Oh wait, thats a repeat.

 

[DaSDGuy]

That might be the solution to all of california.

Wall it up and toss them over.

Homeless, Illegals, Addicts, Criminals, Democrats, ... Oh wait, thats a repeat.

Yeah that's a repeat, but liberals count that as five votes.