Hunter
10/03/22
The former Sycamore Mall has been purchased by a new real estate development firm that promises to bring back a large retail store.
The Press-Citizen reports that Brookwood Capital Advisors purchased the Iowa City Marketplace from Core Pacific Advisors, who have owned it since 2008.
The founder of the Advisors firm told the paper that they plan to bring an unnamed large retailer to the location, which currently is home to a Planet Fitness, Dollar Tree, Panera, and the Marcus Theatres. Lucky’s Market pulled out of the Marketplace in 2019.
The purchase price was $4.4 million less than Core spent to acquire the Marketplace.
A new restaurant is going into the former Pizza Ranch location, called the Turkey Pit. It is owned by the same person who runs the Crab Attack Cajun Seafood Attack in Cedar Rapids. The new owners say that they’re in negotiations with what they described as a “huge, publicly traded company” that will sign a ten-year lease at the Marketplace. A formal announcement is expected within the next six months.