Hunter
06/20/23
The Iowa City Marketplace will be auctioned off next month.
The Gazette reports the former Sycamore Mall will be sold at an auction running from July 17th to the 19th. The starting bid, according to the website RI Marketplace, is $5 million.
Brookwood Capital Advisors out of Tennessee, purchased the mall for just under $14.3 million and has been redeveloping the area over the last year. Founder Ben Hamd hopes a local buyer will be interested.
The Marketplace will soon be the site of the first Ollie’s Bargain Outlet in Iowa. The retailer is committed to the site with a seven-year lease, and sells items that include housewares, electronics, home improvement items, books and toys. The store projects $10 million in yearly revenue and will bring at least 30 new jobs to the area. It will join other national stores already established at the Marketplace, including Planet Fitness, Joann Fabrics and Crafts, Marcus Theatres, Panera Bread, McDonalds and Dollar Tree.
The Iowa City Assessors Office has the property valued at $13.5 million.