San Francisco's largest shopping center, the Westfield Mall, has experienced a dramatic decrease in value, with reports indicating a loss of nearly $1 billion since 2016, from an original value of $1.2 billion. The property's valuation has plummeted to $290 million, a 75% reduction from its previous valuation when last financed by Wall Street lenders. This sharp decline in value coincides with the departure of multiple tenants, including the closure of the popular store Madewell, which follows recent exits by Adidas, J. Crew, Lucky Brand, and Aldo. The mall has now lost 85% of its tenants, marking a significant downturn for the mall.
San Francisco’s Westfield Mall has lost $1 billion in value and 85% of its tenants. https://t.co/iFkQeIwWcy
“San Francisco’s biggest mall has now lost nearly $1 billion in value, it’s been revealed. The financial firm Morningstar Credit Analytics says that’s since 2016.” 😳 https://t.co/OYR0NnUmia
San Francisco's dying downtown mall loses its FIFTH store in a month: Madewell exit follows recent Adidas, J. Crew, Lucky Brand and Aldo closings, with half-empty shopping center's value plunging from $1.2BN to $290M in eight years https://t.co/PCUaYyVk0F https://t.co/Vj7ED4dlqt
Closure of popular store Madewell signifies a final blow for fading SF mall https://t.co/UsIO0R0WQy
Neil Shekhter, the prominent Los Angeles landlord behind WS Communities, has lost about half of his portfolio to lenders. https://t.co/Jyfig2cJ6A
They gave up on the San Francisco Centre mall and now are buying a huge bundle of apartment buildings. Follow the money and property trail. https://t.co/uY628aCLqL
San Francisco's dying Westfield Mall loses ONE BILLION dollars in value in seven years and is now worth just $290M, as tourists are filmed wandering crime-ridden city's shuttered downtown https://t.co/4p42WZzwvV https://t.co/FGPOW0QzMX
Troubled San Francisco Centre mall loses $1 billion in value https://t.co/QeZtkqd82c
KPMG moving out of $400million 'KMPG building' in downtown San Francisco with nearby besieged mall loses another tenant as doom loop continues to see residents and businesses flee liberal-led city https://t.co/EsgJEHg7CT https://t.co/qT0ayx4ivo
San Francisco's biggest mall saw its value slashed by about 75% in December, to $290 million - marking a loss of nearly $1 billion since the property was last financed by Wall Street lenders, according to Morningstar Credit.