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GALESBURG, IL-Foresite Realty Partners, LLC and Guggenheim Inc. are putting up for sale 428,267 sf of the 528,870-sf Sandburg Mall in this city along Illinois' western boarder. The regional mall, which is 76% leased, is anchored by J.C. Penney, Bergner's and Sears, and is co-anchored by a separately owned Kmart.

Don Shapiro, president and CEO of Foresite, tells GlobeSt.com that the mall is a great buy for an investor seeking a value-add opportunity. "It is below replacement cost, and the lender needs to sell it off by year-end," he says. "It had a lack of management and leasing performance by the former owner." He also notes that with a wealth of underserved college students in the area, the mall—listed at $4.1 million or $12 per sf—could see an increase in rents. Currently, lease rates for in-line units are $8 per sf to $12 per sf.

The mall is located three miles from the full interchange of Interstate 74 and at the intersection of US 34 and Highway 150. The Galesburg region is located in the northwest portion of central Illinois in Knox County and is mid-way between Minneapolis to the north, St. Louis to the south, Indianapolis to the east and Kansas City to the west.