After more than a year in receivership, a trustee for lenders has notified the owners of San Francisco's largest downtown mall that the property will be sold at a public foreclosure auction on Nov. 14 to the highest bidder.
First American Title Insurance Co. notified entities affiliated with international mall operator Unibail-Rodamco-Westfield (URW) and Brookfield Asset Management that it will sell the deed of trust on the 1.5M SF mall, formerly known as the Westfield Centre and rebranded by its receiver as Emporium San Francisco Centre.
Proceeds from the auction will be used to pay an estimated $626M in debt backed by the property and owed to lenders Deutsche Bank and JPMorgan Chase, the San Francisco Business Times reported.
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