The Merced Mall has a new owner and will have a new name, according to city officials.

Ethan Conrad Properties announced it has purchased the 329,000-plus-square-foot mall from Codding Enterprises. The mall, which is located at 851 West Olive Ave. in Merced, was built in 1969 by Codding Enterprises.

The new name will be Marketplace at Merced, to mirror Ethan Conrad Properties’ other two malls: Yuba Sutter Marketplace and Chico Marketplace, located in Northern California.

The mall is the second retail property purchase in Merced in the past year. Ethan Conrad Properties has also bought the Michael’s and Big Lots property near the mall.

The Sacramento-based company says the purchase of the mall in Merced proves their “commitment to investing in and revitalizing retail spaces across the state.”

“We are dedicated to remodeling the property to ensure it exudes the same allure and attractiveness as esteemed destinations similar to Yuba Sutter Marketplace and Chico Marketplace,” said Ethan Conrad, CEO of Ethan Conrad Properties in a release. “Our aim is to create a space that not only meets but exceeds the expectations of our tenants and community members alike.”

According to the company, the redevelopment plans focus on transforming the 53-acre shopping center into a vibrant, entertainment, and service-driven hub. The company said it will be leasing property to national tenants.

“The redevelopment of the former Sears building and Merced Mall are two major priorities for the residents of this community,” said Merced City Councilmember Sarah Boyle. “We are excited and, with great anticipation, await the start and completion of the renovation project.”

The company said two additional pads are in the works on the property and several drive-thru restaurants have already submitted leasing proposals.

“We are fully confident that Ethan Conrad Properties will take the former Merced Mall to the next level and look forward to re-positioning the mall to a major regional community shopping center,” said Merced mayor Matthew Serratto.