The Santa Maria Town Center has been purchased by a global insurance company seeking to redevelop the mall for around $21.5 million — almost $13 million less than the $34.3 million asking price when the mall was put up for sale in 2015.

Built in 1976, Santa Maria Town Center (SMTC) is a 331,804 square-foot regional mall which sits on around six acres of land. Located in the heart of the city’s downtown area — at 100 Town Center East — the two-story structure is adjacent to City Hall, the Civic Center, Santa Maria Superior Court and the transit center.

The mall’s sale was announced Wednesday by CBRE, a commercial real estate services and investment firm that listed the property for sale.

The seller — Ergs II Reo Owner LLC — is an Irving, Texas-based company which operates as a subsidiary of Goldman Sachs. The buyer — SMTC Acquisition LLC — paid roughly $21.5 million, according to a grant deed filed with the Santa Barbara County Clerk-Recorder’s office.

It’s unclear which company is behind the SMTC Acquisition LLC, which was incorporated in Delaware in May. Delaware state records list The Corporation Trust Company — a registered agent firm that represents hundreds of thousands of business entities around the world — as the registered agent for SMTC Acquisition LLC.

The buyer is an insurance company that is interested in acquiring more regional malls in the future, said CBRE executive vice president Phil Voorhees, adding the buyer had asked not to be identified.