Pinnacle Announces Sale of 52,929 SF Galilee Baptist Church on 7.4 Acres
Although I had initially contacted Galilee Baptist years earlier, they started to seriously consider selling their property in the fall of 2019. Over the years, the Galilee Baptist Church family had become smaller in size. The building was much larger than they needed. The property consisted of a 52,929 SF building on 7.4 acres of ground. There was a great deal of deferred maintenance that needed to be addressed. Also, the site was under-utilized. Approximately four acres was vacant and undeveloped. To further complicate matters, 3.42 acres of the Church’s property was in Denver and the adjoining 3.98 acres located in Unincorporated Arapahoe County. The two separate jurisdictions also had two different zonings. The Church’s goal was to sell, relocate and down-size.
We started to work on potential market pricing and strategy when the COVID lockdowns hit in March 2020. Nonetheless, we put the Church’s property on the market in May 2020. Early on, we learned the higher and better buyer was going to be a redeveloper rather than a user such as another church or school. We were able to generate letter of intent offers from five developers. We created a short list of three. The Church selected MGL Partners as their buyer and we went under contract August of 2020. The Buyer received rezone approval from the City of Denver on 8/30/21 and we closed on 11/18/21 for $5,500,000.