A Tennessee-based retail and development company Brookwood Capital Advisors announced its purchase of the Iowa City Marketplace  for nearly $14.3 million.

The 237,000-square-foot marketplace, formerly known as the Sycamore Mall, is located on Sycamore Street in southeast Iowa.

Map by Jami Martin-Trainor/The Daily Iowan

Twenty-four businesses currently occupy space in the marketplace. Additionally, the marketplace functions as a social venue for the community with opportunities in dining, shopping, and entertainment.

The marketplace has struggled to retain stores in past years. Notably Von Maur moved from the marketplace to the Iowa River Landing in 2012, and Lucky’s Market, an Iowa grocery store, closed in 2019. The space that housed Lucky’s Market has remained empty since its closing.

CORE Realty Holdings, which purchased the building in 2008 for $18.6 million, sold the marketplace to Brookwood Capital Advisors. Brookwood has completed similar projects in 11 states including the neighboring states of Minnesota, Illinois, and Indiana.

According to its website, Brookwood plans to lease out the spaces over the next couple months while “setting the sites up for long-term success.”

Current occupants of the marketplace will remain under the new owners, with new retailers joining in coming months. New marketplace tenants will be announced once business deals are finalized.