-- Wilshire Boulevard property features worship complex and administration building --
(ORLANDO, Fla.) July 10, 2013 — CNL Religious and Educational Real Estate Services Corp., a leading provider of real estate services to religious, educational and nonprofit organizations across the country, represented the owner of a church campus in Los Angeles that was recently sold to New York City-based Universal Church for $27.8 million. The sale is thought to be the largest church transaction this year.
“The property is situated in a prime location in a market that is constantly growing and where good real estate of any kind is in short supply,” said Matthew D. Messier, principal with CNL Religious and Educational Real Estate Services. “This campus offers many great amenities and accommodations for visitors, and we look forward to seeing the site continue to thrive under new ownership as Universal Church fulfills its mission and ministry on the West Coast.”
The church campus is located on 2.15 acres on Wilshire Boulevard near MacArthur Park. The property includes a 42,558 square-foot administration building that was originally constructed in 1962 and renovated in 2001. The property also includes a 54,839 square-foot worship complex, which features a sanctuary that accommodates more than 1,500 people, gym, dining hall, kitchen, several classrooms and offices.
Chris Bury, vice president with CNL Religious and Educational Real Estate Services, brokered the transaction.
According to research by CNL Religious and Educational Real Estate Services, California continues to post high levels of sales activity for church real estate.
“We continue to see church sales picking up nationwide, as financing becomes more available to congregations,” said Nick McKinney, principal with CNL Religious and Educational Real Estate services. “California, in particular, continues to be a hot market for religious real estate, with more activity than any other state.”
CNL Religious and Educational Real Estate Services currently has 160 listings in 30 states valued at $225 million and its principals have assisted in the sale of over 1,500 religious and educational facilities nationwide.
About CNL Commercial Real Estate
CNL Commercial Real Estate offers a full range of commercial real estate services, including leasing and management, tenant representation, project management, facilities management and brokerage services, as well as a development and investment platform. It operates in all sectors of commercial real estate, including office, retail, industrial and multifamily. For more information, visit www.cnl.com/commercial.