Seers might have predicted a new landlord for Sears.

For the third time in just more than three years, Gateway Mall has been sold.

The north Bismarck shopping center - home to Sears, Conlin's Furniture, Osco Drug and others - was purchased this week for $13.25 million from VP Investments LLC.

VP Investments, based in Utah, bought the mall in 2004 from Triple Net Properties LLC for an undisclosed amount. Triple Net, based in Santa Ana, Calif., paid $12.4 million for the mall in January 2003.

The new owner is Gateway Fashion Mall LLC, which is managed by Raymond Arjmand, of Encino, Calif.

Arjmand flew to Bismarck on Tuesday to visit his new property, but could not be reached for comment.

Art Link, then governor of North Dakota, cut the ribbon for Gateway Mall's grand opening in September 1979. The mall was developed by a group called North Bismarck Associates, which consisted of the Kavaney family. Gateway cost about $8 million to build, and was originally anchored by Sears, A.W. Lucas and Co., and White Mart Department and Home Care Center.

The 333,000-square-foot mall is located north of Interstate 94 and west of U.S. Highway 83. It has 30 tenant locations and is currently 93 percent leased, according to Triple Net, which handled the sale for VP Investments.

(Reach reporter Tony Spilde at 250-8260 or tony.spilde@;bismarcktribune.com.)