By: Vikas Shanker
The shopping center anchored by JC Penney and the recently opened Aqua Entertainment Center has a new owner that plans to renovate and modernize the southwest corner of West I Street and Pacheco Boulevard.
Ethan Conrad Properties on Friday closed escrow on the San Luis Plaza shopping center in Los Banos, according to a news release.
Among the businesses there are JC Penney, Black Bear Diner, Westamerica Bank and Aqua Entertainment Center. Wienerschnitzel is coming soon.
Retail specialist Chase Burke said Tuesday that the property was sold by the living trust of Frank Solomon Jr.
“The property is currently bank-owned and has struggled with vacancy issues over the past several years,” the release states. “These vacancy issues have led to a significant amount of deferred maintenance around the center.”
The extensive renovations don’t yet have a budget or price yet, Burke said. But the scope of the work includes exterior signage, parking lot repairs, removal of “eyesore” dumpster areas, landscaping and perimeter fencing.
Significant renovations also are planned for the buildings in the center, including roofs, sidewalks, storefront facades and stucco replacement.
Burke said Ethan Conrad Properties believes the corner has strong potential, with a good traffic count and visibility along Pacheco Boulevard.