MIAMI—Church trades are few and far between, but CBRE just brokered a deal on a property the First Church of Christ, Scientist owns and occupies. Reading Partners, an entity of Queensfort Capital, acquired the commercial real estate for $6.25 million. That's about $250,000 above the asking price.
CBRE represented the seller. The buyer plans to establish two restaurants on the property, which is located at 1836 Biscayne Boulevard.
The property had been on the market for several years before CBRE found a buyer. The church site saw interest rise after Malaysian gaming company Genting's announcement of its Resort World Miami project, a large-scale redevelopment of 30 acres on the waterfront just a few blocks from the church property.
“Plans to redevelop Miami's Arts and Entertainment District are a driving factor behind the interest in the property,” says Clarissa V. Willis, an Associate at CBRE. “We also received three additional offers, all above asking price.”
The nearly one-acre church property includes the 1,200-seat church Sanctuary, built in 1926, and an adjacent 3,000-square-foot Reading Room. The church continue its services and meetings at the 1836 Biscayne Boulevard location until build-out of its new location at 15 West Flagler Street, slated for completion in January 2014.
The Miami-based CBRE team representing the seller included Willis and CBRE first vice president Michael Silver. Mary Pryor of Fortune International Realty also represented the seller.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.