Sacramento-based Ethan Conrad Properties acquires the largest section of Merced Mall for $22.5 million, with plans for redevelopment. (CVJC)
- Sacramento-based Ethan Conrad Properties has purchased the largest section of the Merced Mall.
- The property was sold for $22.5 million, according to Matthews Real Estate Investment Services.
- The future of the mall remains uncertain, with plans for a Cinemark Theater in limbo.
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The largest section of the Merced Mall has a new owner — Sacramento-based Ethan Conrad Properties, The Merced FOCUS has learned.
Victor A. Patton
The Merced FOCUS
The Merced FOCUS confirmed the news Thursday morning with the company’s front office. The mall is also listed on the company’s website.
Escrow closed on the core section of the mall on Monday, according to local real estate expert Dan Del Real, CCIM, owner of Del Real Commercial.
That section of the mall was formerly owned by Codding Enterprises of Santa Rosa.
Matthews Real Estate Investment Services, who represented the seller, said the property sold for $22.5 million. Matt LoPiccolo, first vice president and senior director of Matthews, handled the transaction.
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Ethan Conrad Properties plans to redevelop and reposition the asset, although final site plans have not been confirmed, according to Matthews Real Estate Investment Services.
“This sale faced several challenges, including high vacancy, a limited buyer pool, tenant support, etc.,” LoPiccolo said in a news release. “Through persistence and hard work, we overcame the challenges. The buyer was 1 out of 1,000. Therefore we knew it would take time and commitment to promote the asset.”
The old Sears section of the mall is owned by Newport Beach-based Sage Investco. That property is slated for renovation, and is expected to attract tenants like Ulta, Five Below, Petco, Burlington and Mattress Firm.
Ethan Conrad Properties already owns the buildings just east of the mall, where the Big Lots and Michael’s art supply stores are located.
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Mall’s Future Remains Unclear
Last year, Codding put its part of the mall up for sale with an asking price of $32.2 million, according to The Registry, a Bay Area real estate publication.
It’s still unclear what the sale means for the future of the mall. In 2021 mall representatives said a lease had been executed to build a Cinemark Theater, but after three years those plans appear to be in limbo.
The eastern section of the mall next to the Kohl’s store – an area that once housed a CVS store – remains closed. The other half of the mall remains open for business, including the food court and a variety of shops and retailers.
The mall opened in 1969, according to its website.
Sitting on 27.32 acres, the mall has 44 tenants, including anchors JC Penny and Kohl’s, with a 67% occupancy rate, according to Matthews.
About the Author
Victor Patton is editor-in-chief of The Merced FOCUS, a nonprofit newsroom covering the San Joaquin Valley.
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