The Fox Prairie development at 50th Street and Mills Civic Parkway in West Des Moines has been purchased by Hubbell Realty Co. for $10.5 million.

The sale of the mixed-use development, including 40 two-level condominium loft units divided between two buildings, 32,350 square feet of retail space and an underground parking garage, closed on Aug. 28.

Only one of the 40 units has been sold and occupied, said Rick Tollakson, Hubbell’s president and CEO, adding that Hubbell Construction Services will build out the interior of the remaining 39 residential units.

Hubbell hopes to have eight units in one of the buildings finished in time for Hubbell Living’s tour of homes on Oct. 5.

Tollakson said it will cost roughly $2 million to finish the construction, and he anticipates selling all of the condo units within two to three years.

The retail space is 100 percent occupied.

Tim Sharpe and Linda Gibbs of CB Richard Ellis/Hubbell Commercial’s Iowa Private Client Group represented Valley Bank in the sale of the property, previously owned by David Walters.

Valley Bank foreclosed on the Walters’ property through a nonjudicial foreclosure agreement in December 2007.