The Shops at Willow Bend has been acquired by a real estate investment firm that announced plans to “reimagine” Plano’s only remaining indoor shopping mall into a mixed-use development.

The national real estate firm Centennial announced in a May 4 release that it had acquired The Shops at Willow Bend in partnership with Cawley Partners and Waterfall Asset Management. The company said the shops are positioned well for growth, making it an attractive purchase for the new ownership group.

“We believe the best real estate is where suburban malls like The Shops at Willow Bend sit today,” Centennial CEO Steven Levin said in a statement. “We are excited to get started on our transformative vision for The Shops at Willow Bend and for Fairlane Town Center, which Centennial and its partners also took ownership of today.”

The company also announced plans to complete construction of the center’s movie theater that was stalled during the pandemic, according to the release.

“The Shops at Willow Bend already has a strong mix of existing retail tenants and restaurants ... which lay a strong foundation and position the center well for future growth,” Centennial Chief Operating Officer Whitney Livingston said in a statement. “Centennial plans to ... begin planning for its future mixed-use redevelopment.”

An exact timeline and plans for the mall’s redevelopment has not yet been released. According to its website, The Shops at Willow Bend features more than 100 stores, including Macy's, Neiman Marcus and Dillard's. It is located at 6121 W. Park Blvd., Plano. 972-202-4900.