Anchored by the only Whole Foods Market in the state, WTP was 100% leased at the time of sale. The property's tenant roster includes: Ross, Marshall's, ULTA, Best Buy, Cost Plus World Market, Five Below, buybuy Baby, Office Depot and Guitar Center.

“There are a few markets we consider to be 'sleeper' markets. Basically, these are markets that should be on every national investor's radar due to their phenomenal demographic, employment and real estate fundamentals but for some reason or another have yet to make the mainstream lists. Without a doubt, Des Moines is near the top of that list,” says Chasin, managing director of Pegasus Investments. He notes that Des Moines is the fastest growing metro in the Midwest, has the second lowest unemployment rate in the US and has experienced 42% growth in its population since 2000.

“The sale of WTP also underscores a recurring trend of west coast capital pursuing institutional quality shopping centers in the Midwest. “Properties like Water Tower Place truly come around once in a generation,” adds Shelburn, SVP at Pegasus Investments. “This was the first time the property had ever traded hands in its 25-year history, and likely won't be offered for sale again in the foreseeable future. The buyer recognized this extremely rare acquisition opportunity and paid a price reflective of its stature as the most dominant center in the market.”