Ministerios Bethania USA Inc. paid $5.5 million for the 36-acre holding to Ford Motor Co. of Dearborn, MI in a deal put together by Robert Chavez of RX Chavez & Associates of the Dallas-area and the CB Richard Ellis Inc. team of Chuck Finney in Dallas and Zachary Wasilew in Chicago. Since the deed traded, the church has set up its administrative headquarters in a 37,000-sf building and is weeks away from the construction start on the 264,000-sf warehouse, which will ultimately end up a sanctuary and school for kindergarten through grade 12. Chavez tells GlobeSt.com that permits should be in hand in the coming days.
Chavez says the deal took eight months to put together, with financing coming from 1031 Exchange money from a nearby sale and $4.5 million in a loan arranged by Charles Forshaw in Bank One's Coppell office. The immediate plan is to put $2.5 million into the asset to build out the sanctuary with an indoor athletic area to be done in the coming year and the school in five years. The church, which has a 2,000-member congregation, will be completed in time for the Christmas season although a partial renovation will enable services to be held inside the warehouse sometime in September.
Luna Designs of San Antonio is the project architect. Hallman & Hallman Inc. of Dallas is the general contractor.
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