Major mall sold in North Dakota

Seller's return on investment approaches $900K

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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. ...