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San Fran commercial real estate continues to fall

Author

Jay Lutz
June 13, 2023

Sponsored by Big Gold

San Francisco commercial real estate is struggling

Shopping mall operator Westfield has decided to give up its prestigious San Francisco mall following a closure announcement by Nordstrom. The city’s largest shopping center experienced a drastic decline in foot traffic and sales during the pandemic, leading the company to halt payments on a $558 million loan.

Westfield, in partnership with Brookfield Properties, is now initiating the process of transferring control of the mall at 865 Market St. to its lender.

“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,” the company said.

You can read more on the matter here.

Big Gold Inc. is a junior mining exploration company who’s initial focus is to conduct exploration programs on its recently acquired Tabor Property and the Martin Kenty Property, both located in Ontario. The geology and mineralization of the Tabor Project is currently viewed as being similar to the Moss Gold Project operated by Goldshore Resources, which has established an inferred resource of 6.0 million ounces of gold at 1.2 g/t.

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FULL DISCLOSURE: Big Gold is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Big Gold. The author has been compensated to cover Big Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.