ORANGE, CA-Buchanan Urban Investors has joined forces with Rawson, Blum & Leon to acquire the Mall of Orange, a regional shopping center located here. The pair has paid $24.2 million for the property, which they plan to renovate.

“The condition and location of the center makes for a highly attractive investment for us,” says Jeffrey S. Leon, director of acquisitions for San Francisco-based Rawson, Blum & Leon. “The Mall of Orange is poised for repositioning.” Plans call for a complete renovation of the property, which dates back to 1971. Improvements will include a mall reconfiguration aimed at improving customer draw, as well as the development of 35,000 sf of new buildings and both interior and exterior cosmetic upgrades.

Anchored by Wal-Mart, Sears and JC Penney, the Mall of Orange was 89% leased at the time of sale. The 280,000-sf property houses 85 retail shops.