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PHOENIX-Church of the Nations has finally purchased the 54,000-sf church that it’s been occupying since June 2003. The entity obtained a church bond from Phoenix-based GoldStar Trust Co., a part of Happy State Bank, for $5.4 million.

“Church of the Nations had trouble with conventional financing,” says Shane Shields, an agent with Coldwell Banker Commercial Metro who represented the seller, Northwest Church of Christ. “They tried for eight months before they decided to obtain a bond.” The bond financing process took more than 10 months, he says. Vince Carter of Phoenix-based CCRE Inc. represented Church of the Nations.

Shields tells GlobeSt.com that Church of the Nations put a contract on the structure, situated on 10 acres at 11640 N. 19th Ave., in March 2003. The deal was scheduled to close in June 2003. When it became apparent that obtaining financing would be a challenge, Northwest Church of Christ agreed to share the space with Church of the Nations.

According to Shields, Northwest Church of Christ built the structure in 1989, but just never grew into it. In contrast, Church of the Nations had outgrown its space, which was a former airport hangar in North Scottsdale.

“The church was exactly what Church of the Nations was looking for,” Shields says. He adds Church of the Nations had an immediate need for space and did not have the money or time to build a new church. The organization also liked the location, which is central to the Valley. Northwest Church of Christ is now leasing space at a local high school at 6445 N. 51st St. in Glendale.

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