Northtown Mall in Blaine sold for $31 million to Florida-based 4th Dimension Properties in a deal that closed late last week.
Felix Reznick, principal with 4th Dimension, said the location is what drew his company to the shopping center.
"You have a pretty good mix of shoppers and demand," Reznick said.
Reznick added the mall has approximately 645,000 square feet of leasable space and is currently 87% occupied.
Northtown's largest tenant is Becker Furniture, which has two locations there, a store and an outlet. Combined, Becker Furniture leases about 183,000 square feet of space, about 28% of the overall mall.
Best Buy closed its Northtown location in March but has re-opened it as an outlet store. Other large tenants include Hobby Lobby and Burlington Coat Factory.
4th Dimension has ownership stakes in more than 25 regional malls across the U.S. Reznick said it's important to change the mix of uses inside shopping malls. He said 4th Dimension has, for example, incorporated schools inside some of its malls.
"There is a long future for malls," Reznick said. "I think the definition of what a mall is is changing."