Avison Young brokers $4.5 million sale of a value-add, 232,347-sf mall in Norfolk, NEJuly 19, 2021
Los Angeles, CA – Avison Young announced today it has brokered the $4.5 million sale of Sunset Plaza Mall, a 232,347 square-foot, value-add shopping center located at 1700 Market Lane in Norfolk, NE. The property was lender-owned and was approximately 48 percent occupied at close of escrow.
Avison Young Principals Chris Maling and David Maling represented the seller, Wells Fargo Bank. The buyer, Tennessee-based LBD Properties, LLC, was procured through Chris Maling and David Maling’s marketing efforts.
Built in 1968 and renovated in 1994, the enclosed mall property is situated on 31 acres and features a mix of 30 regional and national tenants including JCPenney, Bath & Body Words, Famous Footwear, and GNC, among others, and a food court.
The asset is centrally located in Norfolk’s primary retail corridor and provides the new ownership with a huge value-add upside by leasing the vacant spaces, bringing rents to market rates as they expire, upgrading common areas and improving operations overall,” said Chris Maling.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Chris Maling, Avison Young +1 213 618 3824
- David Maling, Avison Young +1 213 618 3825