Springfield's Upper Valley Mall Up For Auction
Springfield's financially troubled Upper Valley Mall has been put up for auction by its owners. The mall has been in decline after losing several anchor stores.
Elder-Beerman, Macy's, JCPenney, Old Navy and Charlotte Russe have closed their doors in the last three years. And just across the street, Hobby Lobby and K-Mart have shut down, too.
The Boonshoft Museum is still operating at the mall. Mark Meister of the Boonshoft, said the museum wants to stay put.
"The question is what will the new owner want to do?"
The mall was placed in receivership more than a year ago, when Simon Management Associates defaulted on a $47 million loan.
A minimum bid of $1.5 million for the property has been attached to the mall's listing for the two-day auction set for Nov. 16 and 17. Sears is the only anchor store left at the mall and was not included in the sale because it owns its space.
Urban Retail, which currently manages the mall, declined comment about the auction.