This Week's Bay Area Deal Sheet

San Francisco’s downtown mall will get a rebrand amid an ownership change.

Trident Pacific and JLL announced that the former Westfield San Francisco Centre will become the Emporium Centre San Francisco.

The firms emphasized their intention to keep the shopping center open and improve it.

JLL, which is managing the property and acting as the leasing agent, has put new leadership in place, with a focus on restoring the location.

The mall has been beleaguered by setbacks after the flagship Nordstrom and Cinemark Theaters left the site, leaving gaping holes in the nine-story 1.5M SF property.

The new name will come with a rebranding campaign as well. Customers can expect to see those changes in the coming months.

Trident Pacific and JLL intend to diversify the space with not only retail but also office, medical, education and fitness tenants as well. 

SALES

Laurene Powell Jobs and a group of investors bought the 93K SF San Francisco Art Institute through their nonprofit for about $30M, the San Francisco Chronicle reported.

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Hanley Investment Group Real Estate Advisors sold a 2K SF single-tenant property in Visalia, California, for $3.4M. A Starbucks with a drive-thru occupies the space.

CONSTRUCTION AND DEVELOPMENT 

USA Properties Fund began construction on Terracina at Westpark, a 284-unit affordable apartment community in Roseville, California. The project will include community areas, a playground, workstations and nearly 500 parking spaces.

THIS AND THAT

Macy’s announced it would close 150 stores through 2026, including the Macy’s flagship store in downtown Union Square in San Francisco. The first 50 stores will close by the end of this fiscal year.