A retail center in West Des Moines that once struggled to keep tenants has been sold for $45.45 million, more than 30% above its sale price a decade ago.
West Glen Town Center, a mixed-use development with more than 270,000 square feet of commercial, office and residential space, was purchased by investment groups in West Des Moines and Brookfield, Wis.

MCR Investments X LLC, located in West Des Moines, paid $15.75 million for the four-story Promenade office building (pictured) at 5550 Wild Rose Lane and a nearby parking garage, Polk County real estate records show. MLG/PF West Glen Investment LLC, located in Wisconsin, paid $29.7 million for seven commercial buildings located generally at 650 S. Prairie View Drive.

The properties are valued at $18.6 million, records show.

West Glen was created in 2003 by five Des Moines-area businessmen and a local developer, according to a 2016 article published in the Des Moines Register. The vision behind the development was to combine retail, residential, entertainment and office space into a neighborhood-like atmosphere.

Target was the development’s first tenant as well as its anchor, opening in 2004. The Drury Inn hotel opened in 2005, followed by other shops. A few years later, buildings that included spaces for residential, retail and offices were constructed.

The Great Recession halted development in nearby residential areas, causing a revolving door of retail tenants in West Glen. In 2012, with occupancy at 58%, West Glen was sold to an Omaha real estate and management group for $34.5 million.

Buyers in the most recent transaction were represented by Justin Lossner of JLL-Des Moines and Shannon Morton and Steve Morton, both of Morton Commercial Real Estate in Des Moines, according to Shannon Morton. The sellers of the property were represented by Michael Shindler of Ferguson Commercial Real Estate in West Des Moines.

The transactions were recorded in early May.

 

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