If you’ve ever wanted to make an investment in commercial property, an opportunity awaits you in Council Bluffs, where the Mall of the Bluffs in Council Bluffs will go up for auction, Aug. 3rd. According to the Omaha World-Herald, the nearly 500,000-square-foot enclosed shopping center near Interstate 80 and Madison Avenue is listed on Auction.com with bidding to start at $1.5 million. Listing agent Kevin Crowley of Iowa Realty Commercial said the online auction will run through Aug. 5th.

Whether the shopping center, which opened in 1986, will be demolished or revitalized is up to the buyer. Namdar Realty Group of Great Neck, New York, bought the struggling mall in 2013 for about $8.5 million with the goal of finding new tenants and maintaining the retail center. The occupancy rate at the time was 75 per cent.

Property records indicate the mall is still owned by Namdar, aside from the Dillard’s store, which is owned by Dillard’s. Property manager Andrea Leinen said that Namdar still owns the mall and that it is for sale but that she had no additional information.

The Mall of the Bluffs lost two of its anchors to newer developments when J.C. Penney moved to the Marketplace in 2008 and Target moved to Metro Crossing in 2009. Barnes & Noble closed its location at Mall of the Bluffs in 2011. Current occupancy is listed at 35 percent. In addition to Dillard’s, current tenants include a Planet Fitness, which opened in the former Barnes & Noble space in 2013, and Victoria’s Secret.