Cambrian Park Plaza, the nostalgic epicenter of the Cambrian neighborhood, has officially changed hands for the first time since it was built in 1953.

The 17-acre plaza, including the iconic carousel, was developed by local Paul Schaeffer and had stayed in the family until the passing of the family matriarch. Now, a little more than a year after being put on the market with no definitive price tag, the plaza has been acquired by Texas-based Weingarten Realty.

“We are excited about this acquisition,” stated Drew Alexander, president and chief executive officer of Weingarten in a company news release. “The strong demographics and structure of existing leases provides us the opportunity to create meaningful shareholder value as we redevelop this property over the next several years. The in-fill nature of this location will allow our best-in-class team to create a unique shopping experience for the local community.”

As the 117,000 square-foot property is in a Santa Clara County pocket of the Cambrian Park neighborhood, it would need to be annexed into the city of San Jose if there were to be any proposals for major redevelopment such as housing or a mixed-use property.

Jim Roessler, whose firm marketed the plaza, told this newspaper last year that the parcel “could be used for just about anything but housing” as it is zoned.

Dipa Chundler, a planner for the city of San Jose, elaborated by saying that the property’s General Plan is designated as neighborhood/community commercial and urban village.

“Any redevelopment on that goes with the General Plan,” she said. “If we have something that is already retail or commercial, it would probably stay that way.”

Though there are a few chain retailers such as BevMo and the Dollar Tree in the shopping center, Cambrian Park Plaza is predominantly made up of family-owned stores, many of them having been open for decades.

Jolanta Koblynski, owner of Heartbeat Café in the plaza, said she was disappointed when the plaza first hit the market but that everyone expected it.

“Everybody’s heartbroken. Everybody has memories,” she said. “I was fortunate to have a wonderful 18 years here. Hopefully the new owner will not just bulldoze it but will rebuild the shops.”

Weingarten purchased and developed the Silver Creek Plaza in the Evergreen area, a shopping center that is anchored by a Safeway, a Walgreen’s and an Orchard Supply.

“Weingarten is in the shopping center business and that’s what it’s going to be,” Roessler said.

The final purchase price has not yet been disclosed.