Hearing scheduled on Valley West Mall foreclosure petition
BPC Staff May 31, 2022 | 10:08 pm
1 min read time149 wordsAll Latest News, Real Estate & Development
A Polk County District Court judge has scheduled a hearing for 11 a.m. Friday to hear a request to appoint a receiver for Valley West Mall, 1551 Valley West Drive, West Des Moines. In May, U.S. Bank filed a foreclosure petition alleging the mall’s owner had not made loan and other required payments since May 6, 2021. Minneapolis-based Watson Centers Inc., the mall’s owner, owes $3.49 million in missed payments, according to the filing. Also in the filing, the bank asked the court to appoint a receiver to oversee the property, including managing rent payments. It also asked the court to allow the property to be sold after the court enters a judgment, unless Watson Centers seeks a delay. In a letter to Watson Centers dated April 26, 2022, U.S. Bank wrote that the payoff of the loan totaled over $43.2 million.
Related article: What’s ahead for Valley West Mall