Des Moines Mixed-Use Out of Receivership

by Nate Hunter

DES MOINES, Iowa — New owners have been invested in Midwest real estate for several generations.

DES MOINES, Iowa  — Metonic Real Estate Services, an entity formed by the Silverman family of Omaha, Neb., has purchased West Glen Town Center in Des Moines for $34.5 million. The property was in receivership at the time of sale with two different receivers.

The mixed-use development was built in two phases in 2006 and 2008. There is 418,000 square feet of retail as well as office space and 123 apartments. Ember Grummons of Investors Realty represented the buyer. The Silverman family owns mutli-family properties and other developments in the Midwest, and through Metonic say they plan to attract additional retailers to the site, which is 60 percent occupied in the commercial and office spaces. This transaction was under negotiation for most of 2011.

World Group Commercial Real Estate will manage the center.

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