Agman Holdings LLC, an Omaha company that sued the owners of West Glen Town Center after an agreement to buy the West Des Moines residential and commercial development fell apart, has struck a deal to buy the property, the Business Record has learned.
Receivers have operated the property in recent months after lenders foreclosed on the property, designed as a unique environment in which to live and work. It features entertainment venues, retail shops, office buildings and residential units.
West Glen owners ran afoul of lenders during the economic downturn. Although most residential units are occupied, commercial spaces have been difficult to fill.
Representatives of Agman and the current West Glen ownership group could not be reached for comment.
The total purchase price for the property is expected to be about $37 million, including fees, about $1 million less that West Glen owners believed they would receive from Agman in a purchase agreement last year. The owners terminated that agreement, saying that Agman wanted to reduce the purchase price by $8 million.
Agman then filed a lawsuit in federal court in Des Moines. The lenders include Midwest Independent Bank in Missouri and an investment trust that is represented by a special servicer. The outstanding balance of those loans was about $60 million on the $100 million development.