West Glen Town Center


Property Highlights


  • Property in receivership, with separate receivers for each of the two phases
  • Commercial and office space only 60% occupied, with rents far below original projections and many non-performing tenants
  • Gap between current market value and initial construction cost of approximately $100 million required significant write-downs on the part of lenders and original developer
  • Difficult to finance property due to poor occupancy and operating history
  • Complex legal and title issues

Property Overview

Mixed Use - 175,975 SF of Retail, 131,755 SF of Office and 123 Residential Units

5465 Mills Civic Pkwy, West Des Moines, IA

Phase I - 2006, Phase II - 2008

417,816 SF on approximately 27 acres

The End Result

April 20, 2012




  • Negotiated Letter of Intent, Purchase Agreement, and significant price reduction
  • Worked closely with local leasing brokers to understand current and future market rates and conditions
  • Phase I purchased at auction; Phase II brought out of foreclosure by Buyers
  • Participated in exhaustive due diligence and lease review process
  • Worked with Buyer to develop Offering Memorandum and multiple financial projections under varying scenarios for it’s partners

Stateline Station