AABP EP Awards 728x90

West Glen property turned over to investment partners

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Robert Pulver and Robert Horner, two of five partners in the investment group that owns West Glen Town Center, have acquired a portion of the development after loaning the ownership group up to $3.6 million in September 2010. In a deed filed May 27, trusts operated by Pulver and Horner obtained a little more than 17 acres located north of the SuperTarget store at West Glen, the West Des Moines residential, office and retail center that has experienced difficulty meeting conditions of another of its loans. Gary Kirke signed the deed on behalf of West Glen Town Center LLC. On Feb. 1, Midwest Independent Bank of Jefferson City, Mo., filed a lawsuit claiming that West Glen Town Center LLC owed $26.4 million in principal and interest on a $30 million loan used in the second phase of the development. The lender wants the property placed in receivership and is seeking a sheriff’s sale. The previous day, the company sued partner William Van Orsdel, saying that he had defrauded other investors, among other allegations. Both lawsuits are pending in Polk County District Court.