Property Highlights
NOTES
- 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
$35,960,334
$86.07
MAJOR POINTS
- 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
