Avison Young brokers $4.5 million sale of a value-add, 232,347-sf mall in Norfolk, NE

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.