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A Regency commercial project has been sold


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An investment group has purchased a commercial center developed by Regency-related companies in Urbandale for about $12.7 million.

Northpark Real Estate Investors LLLP purchased the property last month from Northpark Developers LC. Robert Myers, acting as president of that limited liability company, signed the warranty deed.

James MacKay, head of investment banking for DeWaay Capital Management, signed a $9.5 million mortgage with Regions Bank as the manager of another limited liability company identified as a general partner in Northpark Real Estate Investors.

As a result of the transaction, a $1 million mortgage between Northpark Developers and DFN Financial Partners LLC, another company registered through DeWaay Capital Management, was released.

Regency launched development of the retail and commercial complex at 86th Street and Northpark Drive in 2004.

Meanwhile, two former Regency principals have been named in a lawsuit resulting from a default on a $200,000 promissory note that was to be used in the development of a condominium and office park in Sun City, Ariz.

Choice Investments LLC claims that it is owed $113,630 by James Myers and $22,726 by John Gamble. The amounts represent a 50 percent endorsement of the note by Myers and a 10 percent endorsement by Gamble.

According to the note, Choice Investments was to receive a payment of $250,000 if Myers, Gamble and other partners could secure enough capital to develop a project called Riverwalk. If the project did not go forward, Choice Investments was to receive $210,000. In either case, the payment was to be made 120 days after the note was signed on Jan. 16.

The lawsuit said the project did not go forward. Funding for Riverwalk was to be part of an almost $30 million financing package offered by DeWaay Capital Management earlier this year to Regency. That deal collapsed.

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