Sale of Where Grace Abounds Ministry in Denver
Where Grace Abounds purchased a Capitol Hill historic office mansion for their ministry approximately 20 years ago. In spring 2016, the board had decided the building was too large and inefficient. Further, they spent too much time and resources making repairs and improvements on an historically designated property. Although the property had appreciated significantly in value, the ministry remained servicing substantial debt. We provided a great deal of market value information for our client, even made a recommendation for a real estate attorney and listed the property for sale in May 2016.
Simultaneously, we began researching available relocation opportunities for Where Grace Abounds. Although we identified a total of five opportunities in their target area, their favorite option was a smaller free-standing commercial office building, 91 E. Dartmouth Ave. in Englewood, CO. Once we had agreed on terms with a qualified buyer for the Capitol Hill property, we immediately made an offer for the Englewood property. We were able to negotiate the terms and timing on both sales and monitor the process. Although the process had its challenges, we were able to close on 1532 Emerson St. on 11/7/16 for $895,000 and closed on 91 E. Dartmouth Ave. for $452,500 the following day 11/8/16. We were able to negotiate a short-term lease prior to closing with the seller of the Englewood property so WGA did not have to move twice. With these transactions, WGA was able to retire all of their debt, own their current home free and clear and deposit a six-figure amount in their general fund to sustain the ministry.