A San Francisco Superior Court judge has appointed a receiver to "take possession, custody and control" of Westfield Centre, the largest downtown mall in the city, which was handed back to lenders by its owners in June.
Lenders of a $558M CMBS loan backed by the Union Square mall sued affiliates of the mall's operator and majority owner Westfield on September 29, asking for the mall to be placed in receivership rather than foreclosed so that the property could be potentially sold and rectify debts owed by Westfield affiliates, according to a report in the San Francisco Business Times.
The receiver named by the court, Gregg Williams of Trident Pacific, wrote in a declaration filing that security is the "most significant issue" at Westfield Centre.
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