CA Firm Buys Water Tower Place in Record Deal

Water Tower Place is 100% leased and totals more than 270,000 square feet.

DES MOINES, IA—In what brokers say is the largest shopping center transaction in the history of the city, Water Tower Place in Des Moines, IA has been acquired a California-based firm for a reported price of $51.2 million.

Los Angeles-based Pegasus Investments Real Estate Advisory Inc. reports that the fully-leased more than 270,000-square-foot shopping center was sold by a locally based private partnership, which had owned the property since it was built in 1994. The firm exclusively retained Pegasus Investments to conduct the sale of the property. The Pegasus team responsible for the sale of Water Tower Place was led by David Chasin, Kevin Shelburn, Bradley Kritzer, Daylin Ackerman, Tony Veiller and Stephen Apfel.