LANSING — Logan Square has new owners.

Logan Capital, LLC, a real estate investment group from California, purchased the property in late 2018, Steven Silverman of Friedman Real Estate said.

“They felt it had strong potential with the amount of vacancy,” he said. “They plan to repurpose and enhance the property.”

Logan Square is about 28% occupied, according to a previous auction listing. Tenants include a Dollar Tree, Great Giant Supermarket, Subway, H&R Block and hair and nail salons. The property at the northwest corner of Martin Luther King Jr. Boulevard and Holmes Road, is about 277,082 square feet.

Silverman said the property has been on and off the market for several years.

The property was initially known as Logan Center when it was built in 1962. Logan Square is comprised of two single-story buildings with 56 retail units and one outlot, according to the property listing. The space was most recently renovated in 2006.

The current owners, Meram Properties LLC of Troy, bought the buildings for $3.3 million in 2003, according to property records.

Silverman said Logan Capital bought the property for around $3 million. Logan Capital did not immediately respond to an interview request.

Whatever the developers decide to do, cleaning up and improving Logan Square will take significant investment, Lansing City Council Member Adam Hussain said, but he believes it has the potential to attract people throughout the Lansing region.

Hussain said he'd ideally like to see the property razed and a mixed-use development put in its place. He said the shopping center as it is now is set too far back from the street.

“That configuration doesn’t work any more in terms of 21st century retail," he said.

The city and the purchaser discussed the property late last year, said Brian McGrain, Lansing's economic development and planning director. While McGrain hasn't heard from the buyer since that meeting, he said, he's excited about the potential revitalization of Logan Square.

“This is a great part of town that deserves better things," he said. "And we ‘re excited for people to come and do business in town.”

Contact reporter Haley Hansen at (517) 267-1344 or hhansen@lsj.com. Follow her on Twitter @halehansen.