The building on Iowa City’s pedestrian mall that houses Revival and Union Bar will be sold at auction next week. It’s a “once in a lifetime opportunity,” according to the Steffes Group, the company conducting the auction. The last time the building was sold was 1923.
The building, which is owned by the Ruth V. Swisher Revocable Trust, is divided into two parcels -— 117 and 119 E College St, and 121 and 123 E College St — and has over 27,000 square feet of space. It will be sold as a single unit to a single buyer.
Revival, a women’s clothing boutique, and its sister store Revival 119 currently lease the main level and the basement at 117 and 119 East College Street. The second and third floors above the shops are vacant. The assessed value of 117 and 119 East College St. is $892,880.
Cream, LLC, which owns Union Bar, leases the main level, second floor and basement of 121 and 123 E College St. The third floor is vacant. The assessed value of 121 and 123 E College St is $1,527,730.
According to information published by the Steffes Group, the lease for Revival and Revival 119 runs until January 2022, and contains a provision allowing for an additional five year renewal. Union Bar lease ends in March 2020, but will be automatically renewed for four additional terms of three years, unless Cream, LLC, decides to not to renew the lease.
The auction will be held in Iowa City at the Hotel Vetro on August 3 at 1 p.m.