Pinnacle Announces Sale of 22,295 SF Heights Church in Denver
Tom started working with the Heights Church back in the fall of 2018. Although The Heights was a young church, they were well-capitalized and had strong denominational support. They had their heart set on acquiring the historic 22,295 square foot church building located at 1477 Columbine St. across from Denver’s East High School. The property had been on the market for approximately 18 months. Over this time ownership had agreed to a couple of modest price reductions but the property remained significantly over-priced. The building was constructed in 1930 and the property had been designated as historic. Tom knew that the numerous restrictions for a historic property would most likely limit the market of buyers to either another church or entertainment venue. Neither use could afford the seller’s price. We began approaching ownership with numerous more market-oriented offers in the fall of 2018. Finally, ownership agreed to contract with the Heights Church in February 2019. We closed in May 2019 for $2,800,000.