Real Estate
Home›Real Estate›Commercial›Valley West Mall sold for $11M amid broader retail rea…
Valley West Mall sold for $11M amid broader retail real estate stress
Green Street found nationwide mall values rose 13% year over year, but the gains are largely concentrated in Class-A properties while weaker malls continue to lose tenants.
Bisnow highlights how even as shopping mall values improve nationally, many older malls remain under pressure, citing Green Street findings that nationwide mall values are up 13% year over year.
In West Des Moines, Iowa, the 50-year-old Valley West Mall, built for 138 retailers, has just 17 occupants left after years of store closures, and it sold last month for $11M, about 10% of its 2005 valuation.
The mall was held in receivership for four years before a new owner, Threshold Capital, began planning a mixed-use transformation, expected to take at least a decade to complete.
According to West Des Moines Community and Economic Development Director Ryan Moffatt, the mall's decline is linked to falling retail sales, lower property tax valuations, and reduced foot traffic affecting the surrounding neighborhood.