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Iowa City Marketplace (Sycamore Mall) bought by Nashville real estate firm for $14 million, promises major new retailer

cigaretteman

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May 29, 2001
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The Iowa City Marketplace has been purchased by Brookwood Capital Advisors, a real estate development firm based in Nashville, Tennessee.

The Iowa City Marketplace, previously called the Sycamore Mall, is located on Sycamore Street in southeast Iowa City with tenants that include Dollar Tree, Planet Fitness, Panera Bread and Marcus Theatres.

The previous owners, Core Pacific Advisors, sold the marketplace for $14.2 million to Brookwood Capital’s LBD Properties LLC.

The more than 237,000-square-foot retail center was owned by Core Pacific Advisors since 2008, when it was bought for $18.6 million, according to the Gazette.

Ben Hamd, founder of Brookwood Capital Advisors, told the Press-Citizen the idea for the center is to redevelop it and bring back a large retail store.

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Nearly a decade ago, the mall saw its anchor tenant, Von Maur, move to the Iowa River Landing in Coralville, followed by the opening, and closing, of Lucky’s Market.

Brookwood works “only on redeveloping shopping centers,” according to its website, which includes finding empty sites and leasing those to full capacity.

One such site is Northland Mall in Sterling, Illinois, whose anchors include Planet Fitness and Dunham’s Sports.


The Sauk Valley News reported that Brookwood purchased the mall at 30% occupancy for $1.7 million. It was put into auction in June.

In September, it was sold for $8.3 million with Hobby Lobby set to open next year, the Sauk Valley News reported. The newspaper also reported that in May, Ross Dress for Less and Big Lots had signed letters of intent to join the mall lineup.

Hamd said the firm is in negotiations with a “huge, publicly traded company” that will sign a 10-year lease at the Iowa City Marketplace. He declined to name the business at this time but expects to have something announced within the next six months.

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Current tenants will remain at the mall, and be joined by the restaurant the Turkey Pit. It is owned by Gerald Seals, who also owns Crab Attack Cajun Seafood Shack, Lydia Chernitsky-Hamd, director of leasing, said in an email to the Press-Citizen. The restaurant will go into the space once occupied by Pizza Ranch.

Crab Attack Cajun Seafood Attack is based in Cedar Rapids.

Hamd, who used to live in Iowa City, said he was familiar with the Iowa City Marketplace.

“It's always been an interesting piece of the Iowa City retail landscape, Iowa City in general. I mean, this space should not be vacant. Iowa City in general is a really, really good market, decent income, it's good demographics, growing population base,” he said.

“So it really just takes a hands-on owner that knows retail to do something with that box, which is where we come in.”
 
I lived a few blocks from there for 4 years. If I was meeting a girl I wasn't sure I wanted anyone to see me with I would take her to a bar in there.
I also worked at the haunted house they had in there in 1999. Was a blast!
 
I lived a few blocks from there for 4 years. If I was meeting a girl I wasn't sure I wanted anyone to see me with I would take her to a bar in there.
I also worked at the haunted house they had in there in 1999. Was a blast!
What was the name of the bar? I don't remember a bar being in the mall building. Of course, I am old enough to remember the A&W that was in there.
 
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It would be very nice if they could get that property running smoothly again. A few restaurants would be a decent start. The East Side is dying for a few good restaurants.
 
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Diamond Daves was in there back in the late 80s/90s
Ahhh, I never really considered that a bar. Not a straight up bar, anyway. It had mostly decent food. And, I think it was in the spot the A&W was in?
 
Ahhh, I never really considered that a bar. Not a straight up bar, anyway. It had mostly decent food. And, I think it was in the spot the A&W was in?

There was a Mexican restaurant and bar there about 15 years ago.

It would be interesting to see how much TIF has been thrown at this mall over the years. I recall that being in play with the grocer that has now left, as New Pioneer Co-op was unhappy about it and rightfully so.
 
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What was the name of the bar? I don't remember a bar being in the mall building. Of course, I am old enough to remember the A&W that was in there.
There was a sit down restaurant in there in the 80's a well. American dining. Do you remember the name? There was no diamond Dave's in there right?

Sycamore and Eastdale have always been sarcophaguses.
 
There was a Mexican restaurant and bar there about 15 years ago.

It would be interesting to see how much TIF has been thrown at this mall over the years. I recall that being in play with the grocer that has now left, as New Pioneer Co-op was unhappy about it and rightfully so.
The Mexican restaurant was El Dorado, which moved to Coralville, I believe.
 
Doing some digging through newspaper archives, there was Sycamore Eating and Drinking Company from the late 70s to early 80s which I have no recollection of.
 
Ah Diamond Daves! Always had decent food. I’ll believe in this refresh when I see it….that whole location has pretty much been a revolving door since Coral Ridge opened, similar to Old Capitol Mall was until the University pretty much became the sole tenant
 
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Ah Diamond Daves! Always had decent food. I’ll believe in this refresh when I see it….that whole location has pretty much been a revolving door since Coral Ridge opened, similar to Old Capitol Mall was until the University pretty much became the sole tenant
Malls are sadly a dying breed, everywhere.
 
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At this point is there really a “retailer” that will move the needle?

IKEA IMO is about it. You would see people flock in from hundreds of miles.
 
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It would be very nice if they could get that property running smoothly again. A few restaurants would be a decent start. The East Side is dying for a few good restaurants.
After leaving the game on Saturday, we had to stop by the Hy-Vee drug and liquor store since they carry some drink my wife likes. Thought about eating somewhere but there really is nothing over there except for a few fast food joints.
 
There was a sit down restaurant in there in the 80's a well. American dining. Do you remember the name? There was no diamond Dave's in there right?

Sycamore and Eastdale have always been sarcophaguses.

Not true.

Sycamore was THE mall in IC until the Old Capitol Center opened in 83-84.

Went to many movies at Cinema I & II. In the 70's it was pretty big.
 
At this point is there really a “retailer” that will move the needle?

IKEA IMO is about it. You would see people flock in from hundreds of miles.
I've never been to IKEA but have looked at the stuff online. I think it would do well in a college town where thousands of people are needing cheap dressers, cabinets, etc.
 
I've never been to IKEA but have looked at the stuff online. I think it would do well in a college town where thousands of people are needing cheap dressers, cabinets, etc.

Just drive around on August 1st and you can get good stuff to fully furnish your apartment.
 
Not true.

Sycamore was THE mall in IC until the Old Capitol Center opened in 83-84.

Went to many movies at Cinema I & II. In the 70's it was pretty big.
Was old cap really 1983? Or more like 1981? I wasn't in IC in the 1970's so I dunno about Sycamore in its hey day. I do recall seeing Flash Gordon in 1981 at the Campus theaters in Old Cap mall! Fun times! I remember those Cinema theaters in Sycamore being huge!
 
Sears was the anchor at Sycamore for many years and there was a Walgreens at the other end I believe. I went to Waldenbooks a lot there back when i was a voracious young reader. I believe the other department store was Killians and what I remember about that was that they have a Hawk-Eye that moved and a fountain.
 
At this point is there really a “retailer” that will move the needle?
Cabela’s/Bass Pro Shop. Those are destinations and don’t need prime real estate. There isn’t a comp in the area. I thought CR should have done this with Westdale Mall— the city should have thrown 10-20 years tax free incentive to them.
 
Sears was the anchor at Sycamore for many years and there was a Walgreens at the other end I believe. I went to Waldenbooks a lot there back when i was a voracious young reader. I believe the other department store was Killians and what I remember about that was that they have a Hawk-Eye that moved and a fountain.
It was always so dark in there.
 
Doing some digging through newspaper archives, there was Sycamore Eating and Drinking Company from the late 70s to early 80s which I have no recollection of.
Actually, now that you mention it, I do remember the name. El Dorado, too.
 
Sears was the anchor at Sycamore for many years and there was a Walgreens at the other end I believe. I went to Waldenbooks a lot there back when i was a voracious young reader. I believe the other department store was Killians and what I remember about that was that they have a Hawk-Eye that moved and a fountain.
Ahh, Waldenbooks. The Playboys were always within easy reach.
Did you Musicland, too, Bro?
 
Cabela’s/Bass Pro Shop. Those are destinations and don’t need prime real estate. There isn’t a comp in the area. I thought CR should have done this with Westdale Mall— the city should have thrown 10-20 years tax free incentive to them.
Altoona has one. Prairie Du Chien has one.

not going to be a huge draw considering nobody is coming from North or West.
 
Altoona has one. Prairie Du Chien has one.

not going to be a huge draw considering nobody is coming from North or West.
I wasn’t aware Altoona had one— been out of Iowa for a couple decades. I would add that you would still get a lot of traffic there (CR, IC, QC, CF/W).
 
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