Business

Former Coral Ridge Younkers building sold

Identity of the buyer withheld until sale closes

Black Friday shoppers fill much of the parking lot at Coral Ridge Mall with cars as seen in an aerial photograph in Coralville on Friday, Nov. 23, 2018. (Stephen Mally/The Gazette)
Black Friday shoppers fill much of the parking lot at Coral Ridge Mall with cars as seen in an aerial photograph in Coralville on Friday, Nov. 23, 2018. (Stephen Mally/The Gazette)

The former Younkers department store building at Coral Ridge Mall in Coralville was sold at auction Jan. 28, but the name of the buyer and sale price will not be released until the deal closes in about 10 days.

The 98,458-square-foot, single-story building on a 9.1-acre lot was sold by A&G Realty Partners of Melville, N.Y.

The auction was held at the New York offices of Jones Day, the law firm representing Younkers corporate parent Bon-Ton Stores in bankruptcy proceedings.

Nine other former department store buildings owned by Bon-Ton Stores of York, Pa., were sold at the same auction, including the 165,000-square-foot former Younkers at Merle Hay Mall in Des Moines.

Chris Draper of A&G Realty confirmed the sale of the buildings, but declined to release any additional information until the sales are completed.

The Younkers at Coral Ridge Mall closed on Aug. 29, 2018, after Bon-Ton announced the previous April it was shutting down and liquidating merchandise.

The former Younkers at Coral Ridge Mall is located in a qualified opportunity zone created by the federal Tax Cut and Jobs Act of 2017. Sites within the zones are given certain tax benefits to encourage redevelopment.

The tax incentives include capital gains tax reductions of as high as 15 percent.

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Younkers was an original anchor tenant when Coral Ridge Mall opened in July 1998. The company also operated a store in Old Capitol Town Center, formerly Old Capitol Mall, in downtown Iowa City before closing it in January 2005.

Most of Coral Ridge Mall’s anchors, except for Younkers and Dillard’s, relocated from other shopping centers in the Iowa City area. Sears, also an original anchor, closed its Coral Ridge Mall store in 2013 and the building since has been remodeled for six new stores.

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