Port Hueneme, Calif. -- Costa Mesa, Calif.-based Donahue Schriber said it has started the first phase of a $1.5-million renovation of Mandalay Village Marketplace, a 193,964-sq.-ft. shopping center in Port Hueneme, Calif.
The Ralphs and CVS Pharmacy-anchored center also includes Petco and Do It Best Hardware.
Mandalay Village Marketplace was purchased by Donahue Schriber at the beginning of 2012 as part of a strategic acquisitions plan following the retail owner and developer's $1.2 billion recapitalization last year.
"Our overall goal is to reinvigorate the shopping center and create a better shopping experience for our customers,” said Donahue Schriber's chief investment officer David W. Mossman.
The renovation will include new paint, enhanced common area spaces, new landscaping and storefront embellishments that will embrace the center's nautical architecture and complement its 'Cape Cod' styling. The center was originally built in three phases between 1989 and 2005.
Donahue Schriber purchased the center at the beginning of this year when it was 81% leased. The company said it has aggressive leasing goals to take Mandalay Village Marketplace to a 95% lease-up in the near future.