Fairview Heights shopping center to be sold in auction following a court ruling
Marketplace Shopping Center in Fairview Heights hits the auction block Monday.
The auction for the shopping center that consists of 1-26 Plaza Drive and includes Best Buy and other businesses, opens at 11 a.m. Monday, Feb. 10 and close at 11 a.m. Wednesday, Feb. 12.
Dallas Alley, land use and development director for Fairview Heights, said in the city’s Jan. 22 community committee meeting that he signed a nondisclosure agreement and was unable to provide details surrounding the upcoming auction. He did say that there would be a reserve price for the property. The auction site currently lists a starting bid of $1.25 million.
The property owner of the last two years looks forward to the auction, according to Alley, and there are promising interested parties that agree Marketplace is a great site for redevelopment.
Alley said he and Economic Development Coordinator Heather Hinson will watch the auction closely and remain in contact with those involved.
Reason for the auction
The property is currently owned by GSMS 2013 GCJ14 Plaza Drive LLC, according to St. Clair County property tax records. Under sales history, the previous owner was listed as Fairview Heights Improvements LLC.
On March 1, 2022, GSMS filed a complaint for foreclosure on a mortgage obtained by Fairview Heights Improvements LLC, on June 3, 2013.
The Bancorp Bank was the original lender for the loan to Fairview Heights Improvements LLC. The mortgage was assigned to Citigroup Global Markets Realty Corp. before ending up with GSMS.
The complaint stated that the borrower, Fairview Heights Improvements LLC, defaulted on the loan, failing to make payments of principal and interest beginning in May 2020.
In a Sept. 1, 2022, judgment, the court ordered the sale of the property.
About Marketplace Shopping Center
Marketplace Shopping Center was built in 1987 and covers 19.09 acres.
Anchor tenants at Marketplace include Best Buy, Dollar Tree, David’s Bridal, Burlington and Golf Galaxy. Other current stores at Marketplace include Citi Trends and The Bead Place.
Burlington relocated to the former Bed Bath & Beyond site at 6611 N. Illinois St. in Fairview Heights and reopened in October. Golf Galaxy is also preparing to move to the storefront next to Burlington. It is slated to reopen at the new location in March.
Past businesses at the shopping center included Shoe Carnival, which moved to 5945 N. Illinois St. in late 2018, La-Z-Boy Furniture and Keck Jewelers.
