Possible Buyer for Sandburg Mall
The Sandburg Mall in Galesburg may soon have a new owner. An online auction of the shopping mall ended last night with a high bid of 650,000 dollars.
That's according to a real estate agent, as quoted by the Galesburg Register Mail.
The agent says it could take a month or longer to finalize the sale, and then the name of the buyer could be released.
The online auction began Monday, lasted three days, and was handled by a California based company called Ten X that hosts auctions and other sales of residential and commercial real estate.
It set the starting bid at 300,000 dollars for the 52 acre property. The mall first opened in 1973, covers 488,000 square feet, and is currently 55 per cent occupied.
The Register Mail says just a year ago, Sandburg mall was sold at a sheriff's sale to a company called Mall Group Investments, for 1.3 million dollars.