By Harold Krugeremail@example.com
Ethan Conrad Properties said Thursday it is the new owner of the Yuba Sutter Mall.
The company, which owns and manages over 150 commercial properties covering more than 6 million square feet in the greater Sacramento area, said the mall “will be remodeled and repositioned to take advantage of its great location in the marketplace”.
It said the mall “has been somewhat neglected for some time.” On its website, Ethan Conrad Properties said the mall is “our largest property yet”.
In announcing the escrow had closed, Ethan Conrad Properties did not provide a purchase price.
The mall was involved in an online auction in October, with the high bid of $13.8 million. At the time, the high bidder was not identified.
Ethan Conrad Properties, which is named after its founder, called the mall an “iconic, city block, enclosed regional mall in the heart of Yuba City.”
The mall covers about 407,000 square feet. Ethan Conrad Properties purchased 302,804 square feet. The remainder is the former Forever 21, which is under separate ownership.
The mall is anchored by Sears, JCPenney and Ross, with key retailers such as American Eagle, Children’s Place, Kay Jewelers and Aeropostale leading the shop space.
Pad tenants include Lumberjacks, Bank of America, Jack in the Box and U.S. Bank. Panera Bread is about to start construction on a new restaurant in the parking lot.
Ethan Conrad Properties said it “purchased the mall with plans set firmly in place…(and) will remodel the mall and enhance the tenant mix over the next several months.
The company said it has renewed eight of the in-line tenants securing the mall’s tenant base. Also, in the works, it said, is a potential lease with a nationally known lingerie tenant planning a 7,000 square feet duel concept store.
In addition, it said, is strong interest in leasing space from a new junior anchor along the Colusa Avenue frontage. Also, several national retailers have requested lease proposals that will be going out shortly.