The mall was offered for sale on Auction.com, which is handling the sale along with Rockwood Real Estate Advisors. The identity of the winning bidder was not immediately disclosed.
The starting bid in the auction sale of the mall was $4.75 million.
The property that is being sold is a four-building complex at 275 W. Wisconsin Ave. with 298,109 square feet of space, and an adjacent 1,748-space parking structure.
The auction will not include the Boston Store building at 331 W. Wisconsin Ave., which is separately owned by Wispark LLC.
The value of the Shops of Grand Avenue, built in 1982, has fallen dramatically over the years as the mall has struggled with high amounts of vacant retail space. An investment group formed by New York-based Ashkenazy Acquisition Corp. bought the property in 2005 for $31.7 million. In 2012 it was sold in a foreclosure auction for $8.5 million to a subsidiary of the mall's lender, a group of Bank of America investors.