Timber Development Sells Three Shopping Centers In Norfolk, Olmsted, And Austin For $11.2M

The Three Shopping Centers, a retail asset, located in Norfolk, Nebraska; Olmsted, Ohio; and Austin, Minnesota, have been sold in a closed transaction. The seller, Timber Development Corp, successfully closed the deal for a sale price of $11,200,000. The total square footage of the property is 93,240, resulting in a price per square foot of $120.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $11,200,000
• Square Footage: 93,240
• Price per Square Foot: $120
• Market: Norfolk, Nebraska; Olmsted, Ohio; Austin, Minnesota
• Seller: Timber Development Corp

The transaction was facilitated by multiple brokers. Eric Abbott and Zach Taylor, representing Marcus and Millichap, were involved in the deal. Kyle Hartung, from Goodman Realty, and AJ Prins, from CBRE, also played key roles in the transaction.