San Francisco Cannery Becomes Victim of Foreclosure

SAN FRANCISCO (KCBS) – A San Francisco landmark has fallen victim to foreclosure. The Cannery, located at the western end of the Fisherman’s Wharf commercial area, has been foreclosed on by a lender after it did not sell at a public auction for a minimum bid of $13.8 million.

According to the Chronicle, the Cannery is composed of two three-story buildings in the 2800 block of Leavenworth Street and began to decline after a fire in 2002 at a warehouse next door.

At one time, the Cannery was the largest fruit and vegetable cannery in the world, with the capacity of 200,000 cans per day and 2,500 workers.

The brick buildings reportedly were purchased in 2007 by its current owner, New Jersey firm Vornado Realty Trust.

The property was soon after listed for sale at $23 million, but did not sell.

It was purchased in the 1960’s and refurbished and then thrived for a time, winning architectural awards and housing popular restaurants like Charley Brown’s. But the five-alarm 2002 fire causing water, smoke and exterior damage was a major setback.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Comments

One Comment

  1. Foxy1 says:

    It didn’t sell because it was over priced. SF Bay Area Realtors need to come down from Cloud 9 & get real.

  2. SunshineS says:

    “amen!” to foxy1’s response

  3. LoLo says:

    I fondly remember visiting The Cannery as a child many times and having such fun there. Sad–another of our favorite places, gone.

  4. SCREU-U says:

    My first Job there at the Ben Johnson in 1973

  5. It'l be ok. says:

    LoLo, it’s not “GONE”, it’s being foreclosed upon… Just because the lender takes it back, doesn’t mean they shut down all the businesses and tear down the place! They want the tenants to stay and keep paying rent, so that they can turn around and sell it to someone else, or at least cover some costs of ownership.

    What surprises me is why a big-time REIT such as Vornado can’t cover their debt service by other means other than income from operating the Cannery… $13MM is not a bad price for so much square footage–in 5-years, someone will be kicking themselves.

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