Buyer Pleasant Grove Baptist Temple has spent more than $1.5 million for the 36,585-sf building sitting on 6.47 acres at 4346 N. Galloway Ave. in Mesquite, Greg McDonald, Weitzman's executive vice president, tells GlobeSt.com. He, John Mathes and Chris Thomas represent Food Lion. Danny Muzyka of Dallas-based Service Realty brokered the purchase for the church.
Muzyka says a $1-million renovation will begin in 45 days and completed in three months. Church member, Charles Oldecker, owner of Lasko Construction in Dallas is handling the renovation.
Pleasant Grove will hold onto its nearby existing elementary school and church, a 70,000-sf campus. But, Muzyka says, the church eventually will end up in the hands of a mission affiliate.
McDonald says the next property to reach closing will be a 36,334-sf Food Lion at the intersection of North Main Street and Harwood in Euless. Vacant stores in Houston and Wichita Falls also are sitting with title companies.
The Food Lions haven't been the easiest of vacant retail assets to unload, but are clear favorites for church groups, with the Mesquite property being the fifth one to be sold for a conversion. The Food Lions were built between 1991 and 1992. The Mesquite holding fetched an above-assessment price due to its large tract and naturally, location. "It was a reasonable number for us," McDonald says of the closed deal.
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