November 27, 2022

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What Valley West Mall foreclosure means to West Des Moines

5 min read
Valley West Mall Wednesday, May 25, 2022 in West Des Moines. U.S. Bank has filed a foreclosure without redemption, meaning the property will be sold after the court enters a judgment, unless its owner, Minneapolis-based Watson Centers, seeks a two-month delay.

Correction: A earlier edition of this short article contained a estimate with incorrect details about J.C. Penney’s financial standing. The corporation emerged from individual bankruptcy in late 2020.

A nearly 50-yr anchor of West Des Moines’ College Avenue procuring corridor is under foreclosures. 

Past 7 days, U.S. Bank filed the action in Polk County district courtroom, alleging the house owners of Valley West Shopping mall have not created mortgage payments since May possibly 6, 2021. The foreclosure petition statements Minneapolis-based Watson Facilities owes the lender $3.5 million. 

The financial institution has asked for the court appoint a receiver to consider management of the West Des Moines house and deal with lease and financial loan payments, as nicely as order Valley West Mall to spend the remainder of its original loan, totaling at minimum $41.2 million, in addition liquidation charges, authorized costs and desire.

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