San Francisco Centre, a major downtown shopping mall that was once a prominent retail destination, has closed after years of declining trade and tenant departures. Its closure follows a $135 million foreclosure sale and signals a broader effort to repurpose a large, struggling retail property in the city centre.

The mall’s value had fallen sharply from an estimated $1.2 billion in 2016, while occupancy dwindled as prominent retailers, including Nordstrom, left. The new owners are expected to pursue a major redevelopment, potentially converting the site into a mixed-use destination rather than restoring it as a conventional enclosed mall.