© 2024 WVIK
Listen at 90.3 FM and 98.3 FM in the Quad Cities, 95.9 FM in Dubuque, or on the WVIK app!
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Your Chance to Buy a Shopping Mall

Ten X

If you've always wanted to own your own shopping mall, now's your chance. All it'll take is several hundred thousands dollars and an optimistic attitude about western Illinois.

Monday through Wednesday, the Sandburg Mall in Galesburg will be for sale in an online auction, with a starting bid of 300,000 dollars.

For that, or whatever the closing price ends up being, the new owner will get a 488,000 square foot shopping mall on 52 acres of land. Sandburg Mall opened in 1973, and currently is just 55 per cent occupied.  

Anchor stores include JC Penney, with a lease through 2021, and Bergner's - its lease runs through 2018. Both have renewal options. Other current tenants are Zales, GNC, and Bath and Body Works. 

The online auction of the mall is being handles by a company called Ten X, based in Los Angeles. Ten X sells homes and businesses online, and claims to be revolutionizing how real estate is bought and sold. Last year its website hosted nearly 20 million visitors, looking at 112,000 properties. Sales in 2015 totaled more than 8 billion dollars. 

The current owner of the Sandburg Mall is another California company, Mall Group Investment, LLC.

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.