Marysville's Towne Center Mall, in the heart of the downtown core at 4th and State Ave., has been sold for roughly $19 million to Merlone Geier Partners, a California-based real estate investment firm.

The strip mall is nearly completely occupied, but the departure of anchor tenant Gottschalk's in 2009 left a big hole in the property.

Merlone Geier Partners, according to the company's website, is focused on the acquisition, development and redevelopment of retail and retail-driven mixed-use properties on the West Coast. Since its founding in 1993, the company has acquired more than 90 properties in California, Washington, Nevada and Arizona.

In addition to the Marysville property, the company's Washington holdings include Burien Town Plaza, Sunset Square in Federal Way and Padden Market Center in Vancouver, WA.

The new owners don't foresee any major expansion, since needed parking would be impacted, but do plan to to conduct some cosmetic renovations.

The mall is located within the city's Downtown Master Plan area, which sets forth design and use standards for construction. The recently remodeled building at the State Avenue and Third Street intersection is an example of the city's adopted design codes.