BREAKING: Sale of former Wells Fargo downtown properties finalized - Business Record
An Iowa holding company has purchased four downtown Wells Fargo buildings in a deal that closed late Thursday and in what one broker described as the largest non-industrial property transactions in the metro’s history. DMCRE1 purchased the Skyview building at 800 Walnut St., the Northstar ... The sale was recorded with Polk County on Monday, and according to the Polk County Recorder’s website, DMCRE1 paid $32 million for the properties. The website also shows they took out a $19.5 million mortgage with Bankers Trust Co. The $32 million that was paid for the former Wells Fargo properties is below the total assessed value of more than $56.2 million for all the properties, the Polk County Assessor’s website shows.Wells Fargo announced in January 2023 that it was relocating most of its downtown workers to the company’s Jordan Creek campus in West Des Moines. Several weeks later, Wells Fargo listed its downtown properties for sale.Since then, there has been much speculation about the buildings’ future and what their sale and possible redevelopment could mean for downtown Des Moines and the region. Wells Fargo has been shedding properties nationally for the past couple of years.This version updates the story to include that the sale was recorded Monday and shows DMCRE1 paid $32 million for the former Wells Fargo properties in downtown Des Moines.
