Ethan Conrad buys, rebrands mall in Merced as ‘Marketplace’
Reprinted from: https://www.bizjournals.com/sacramento/news/2024/06/11/merced-marketplace-mall-ethan-conrad.html
By Ben van der Meer – Senior Reporter, Sacramento Business Journal
The shopping mall in Merced is getting a rebrand and new development, after its recent purchase by Sacramento real estate investor Ethan Conrad.
Merced Mall, a 329,000-square-foot enclosed mall at 851 W. Olive Ave., is being rebranded Marketplace at Merced under the new ownership, Ethan Conrad Properties Inc. announced.
“What’s interesting about this property is that we literally have over 300,000 sq.ft. of tenants who are interested in leasing the approximately 85,000 sq.ft. of junior anchor space we have, which is phenomenal!” Conrad said in an email.
Conrad paid $22.5 million for the property, which was 69% occupied at the time of sale.
Ethan Conrad Properties senior associate broker Joey Chiurazzi, who represented Conrad in the purchase, said in an email that the company will pursue its typical value-add strategy with the property, in addition to backfilling existing vacancy.
“In this property’s case the pent-up tenant demand was through the roof as Merced has minimal retail availability for large tenants,” he said.
Also, Ethan Conrad Properties will develop two stand-alone building pads on the property that are already getting interest from restaurant tenants with drive-thru needs, according to the company.
Current anchor tenants at the property include JCPenney and Kohl’s, with a 84,503-square-foot junior anchor the single largest vacant space. Chipotle Mexican Grill, Chili’s Grill & Bar and Dutch Bros occupy spots on the edge of the mall property that are owned separately from Conrad’s purchase.
Chiurazzi said Ethan Conrad Properties bought a nearby property in Merced last year and wanted to continue expanding its footprint in that city.
The purchase is also the third Conrad’s company has made of a shopping mall, joining its holdings in Yuba City and Chico.
Real estate information service Reonomy shows Merced Mall Limited A Partnership as the seller in the deal. Representatives of the partnership couldn’t immediately be reached for comment Tuesday.
