Troubled West Glen Town Center Purchased by Omaha Company for $34.5 Million
The new owners plan to increase signage on Mills Civic Parkway to help fill retail and office space that is vacant or struggling. While the development draws partiers on weekends, the business week traffic is slow, store owners told the Des Moines Registe
An Omaha company bought West Glen Town Center for $34.5 million Friday, according to the Des Moines Register, promising a bright future for the troubled West Des Moines retail, office and residential property.
The Silverman family, which owns apartments in Iowa as well as other developments in the Midwest, reached an agreement with banks involved in the foreclosure of the property and the founders of West Glen, including businessman Gary Kirke, the newspaper reported.
Brian Morrissey, representing the Silverman family, told the Register the buyers would begin hunting for office and retail tenants for the property, and they plan to restart events, including a farmers market.
West Glen, including its 123 residential units, is about 70 percent occupied. But its office buildings are largely vacant, as are many of the storefronts.
Retail tenants told the newspaper they’ll be happy if new ownership can bring tenants, provide better signs on Mills Civic Parkway, provide better advertising for the stores already leased space, and build a reputation for shopping that equals West Glen’s reputation as a 20-something party destination on weekends.
The company plans to resurface the roads in the complex, add plantings, and fix lights and fountains. World Group also said it planned to add buildings to West Glen eventually by developing three vacant lots that are part of the property, the Register said.
The development is just west of the interchange of Interstate Highway 35 and Mills Civic Parkway and north of Glen Oaks, one of Iowa’s wealthiest neighborhoods.