Retail c Nebraska

Investors Realty helps buyer close $34.5 million purchase of mixed-use development in Iowa

Metonic Real Estate Services, representing the Silverman Family of Omaha, recently purchased the West Glen Town Center property West Des Moines, Iowa, for $34.5 million.

[caption id="attachment_11936" align="alignleft" width="240" caption="Ember Grummons"] Metonic Real Estate Services, representing the Silverman Family of Omaha, recently purchased the West Glen Town Center property West Des Moines, Iowa, for $34.5 million.

Ember Grummons of Omaha's Investors Realty represented MRES West Glen Holding, LP as the buyer.  Rod Knudsen and David Mercer of Iowa Realty in Des Moines assisted with the acquisition. The property was in receivership at time of sale with separate receivers for each of the two phases of the property.

West Glen Town Center is a mixed-use development containing about 418,000 square feet, consisting of Class-A Retail and Office space and 123 apartment units. It is located in the top submarket for both office and retail in Des Moines and is less than one mile from the largest super-regional shopping mall and lifestyle center in the State of Iowa, Jordan Creek Town Center.

The property was built in two phases in 2006 and 2008. The commercial and office space was about 60 percent occupied at the time of closing.