The Sandburg Mall is up for auction next month and is expected to change hands for the second time in about a year.
According to a posting on real estate website ten-x.com, the auction for the Galesburg mall begins Aug. 8 and ends Aug. 10. The starting bid is $300,000.
This three months after Sandburg Mall anchor store Kmart announced their closing. With a shuttered Sears store, Bergner’s and JCPenny are the only remaining anchor retailers.
The Ten-X posting says JCPenny has a lease set to expire in January 2021 with multiple five-year renewal options. The Bergner’s lease is set to expire in January 2018 with a single five-year renewal option.
The mall’s listed net operating income is $5,301. That number is based on the 12 month period ending March 31 of this year.
The Sandburg Mall’s retail occupancy is at 55 percent. The 488,060-square-foot mall was opened in 1973.
Sandburg Mall management and the property’s owner, California-based Mall Group Investment, LLC, did not immediately return requests for comment.
