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NOTABLE TRANSACTIONS: Des Moines pays $41.9 million for Fifth and Walnut parking garage
BY SARAH BOGAARDS | News Intern
Wednesday, March 17, 2021 7:00 AM
The sale of the troubled parking garage at Fifth Avenue and Walnut Street has been finalized.
The city of Des Moines paid Bankers Trust $41.9 million for the property, Polk County records show. The property includes the parking garage as well as three other commercial units.
Bankers Trust originally filed a foreclosure petition on the garage in September 2020 claiming 5th and Walnut Parking LLC and developers Justin and Sean Mandelbaum were in default on payments on a $48 million loan. Prior to foreclosure, the garage was set to be part of a $200 million multipiece development called the Fifth. ....

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