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Long Beach, CA

Park Church

"Park Church obtained top of the market value for their existing site, and a protracted lease back period that afforded the time to find a new home."

Posted In — Success Stories |

Project Outline

  • As is the situation with many congregations, Park Church had a beautiful 5.8-acre campus with older, functional obsolete improvements
  • Identifying a new location
  • Accessing the churches equity to purchase a new site before vacating current location

Approach

  • After exposing the site unpriced to our database of developers as a redevelopment opportunity, we received fourteen very competitive proposals
  • Subsequent, with the development value established, we identified a church willing to purchase the site as if redeveloped, very close to the development value, which was approximately 24% more than the value as if sold as a church
  • Ultimately, sold the site for $6,500,000; with a 90-day escrow, to the Preface Group, a Southern California home builder
  • Negotiated a 24-month lease back or until completion of the Tentative Tract Map.
  • Identified and acquired for $2,250,000 an existing church site of 1.27 acres

Results

  • Park Church obtained top of the market value for their existing site, and a protracted lease back period that afforded the time to find a new home
  • With the use of their capital from their buildings equity, the church was successful in locating and acquiring a site to meet their future needs

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