The Illinois Star Centre Mall in Marion will be sold at auction.
Sealed bids are being accepted until next week.
Tranzon Asset Advisers will conduct the auction. Spokesman Carl Carter says the owners have been working the past five years to make changes so the property would be attractive to bidders.
"They reached a point where they said, 'you know what, we're really not in the business primarily of big, multi–tenant retail properties like this.' We think the property is going to do better in the hands of somebody who is."