Image courtesy of Taubman Centers

Home furnishings Safavieh has acquired the 38-year-old Stamford Town Center mall from Taubman Centers and UBS Realty Investors.

The sales price is $20.15 million, the Stamford Advocate reported. The transaction does not include the separately-owned Macy’s store or the Bow Tie Cinemas Landmark 9 cinema complex.

Cindy Tubin, a spokeswoman for Port Washington, New York-based Safavieh, said more details on the company’s plans for the 520,000-square-foot property will be released this week. In an interview with the Advocate, Safavieh President Arash Yaraghi said the new owners plan to bring in new tenants and plan other unspecified updates to the property.

Taubman Centers itself was acquired this spring by Simon Property Group for $3.6 billion.

When it was first placed on the market last fall, the mall’s vacancy rate was approximately 17 percent. The property is located in a federal Opportunity Zone, which would provide tax incentives to owners that invest in upgrades to the property.