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   From: yourdime@outlook.com   
      
   Shopping center giant Westfield is walking away from its San Francisco   
   Centre mall, becoming the latest major company to leave the California   
   city amid rampant crime problems.   
      
   Westfield confirmed to FOX Business Monday that the company and partner   
   Brookfield Properties earlier this month stopped making payments on a $558   
   million loan securing the San Francisco Centre property.   
      
   "For more than 20 years, Westfield has proudly and successfully operated   
   San Francisco Centre, investing significantly over that time in the   
   vitality of the property," the company said in a statement.   
      
   "Given the challenging operating conditions in downtown San Francisco,   
   which have led to declines in sales, occupancy and foot traffic, we have   
   made the difficult decision to begin the process to transfer management of   
   the shopping center to our lender to allow them to appoint a receiver to   
   operate the property going forward."   
      
   Westfield's move comes less than a week after Park Hotels & Resorts   
   announced it had handed two prominent hotels back to the bank. The real   
   estate investment trust said it was abandoning the Hilton San Francisco   
   Union Square and Parc 55, saying the city's streets are unsafe and   
   expressing doubts about the area's ability to recover.   
      
   The departures come amid a growing exodus of retailers fleeing downtown   
   San Francisco for various reasons as the city continues to struggle with   
   retail theft, homelessness and a raging drug crisis.   
      
   Westfield's decision to give up San Francisco Centre, which was first   
   reported by the San Francisco Chronicle, appears to be due in part to   
   Nordstrom shutting down both its downtown San Francisco locations. One of   
   them is located in the San Francisco Centre property, and Westfield says   
   the mall would only be 55% leased when Nordstrom leaves – far less than   
   Westfield's other U.S. malls, which are 93% leased, on average.   
      
   John Dennis, chairman of the San Francisco Republican Party blamed the   
   city's leadership for Westfield packing up, and says to expect more   
   companies to follow suit.   
      
   "The Westfield San Francisco Centre is arguable the heart of retail in San   
   Francisco," Dennis told FOX Business. "Another massive loss for the worst   
   managed city in America. What's scary is we're nowhere near the bottom."   
      
   Ya'll Democrats voted for it!   
      
   https://www.foxbusiness.com/markets/walking-away-san-francisco-mall-owner-   
   hands-property-back-bank-exodus-continues   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)