Major mall sold in North Dakota

Triple Net Properties LLC recently negotiated the sale of the 333,000-square-foot Gateway Mall in Bismarck, N.D.

The value of the transaction was approximately $13.3 million.

VP Investments LLC sold the massive shopping mall to Gateway Fashion Mall LLC. The property was originally purchased in January 2003 for $12.4 million.

The property is situated on a 38-acre site and has a total of 30 stores. It was 93 percent leased at the time of sale to a variety of tenants including: Conlin's Furniture, Sears, Jo-Ann Fabrics and Osco Drug.

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