Growing, growing, growing
Journey Christian Church, a North Point Strategic Partner Church located in Midlothian (Richmond), VA, was the 21st Fastest Growing Church in America when we met them in 2014. At that time, the lead pastor had taken over the church and blown out the capacity of the existing facility, so the church was paying a mortgage on a church property and renting out the 900-seat auditorium of the high school across the street. Journey had been approached with the opportunity to purchase a 40-acre tract of land within walking distance of its location, and contacted us to help them procure funding for a future project.
We conducted a one-day, on-site Vision Feasibility Analysis to help them pursue options. Upon completing a pro forma for the church based on the adult and family attendance, we quickly learned that the land development project would potentially cost them north of $14MM (including the land purchase) to build out a 40,000SF facility, and that 40,000SF was far less than what they needed to get into the building, accommodate the ministry needs of the congregation, and ultimately put them in a financial position to take on more projects as a result of the ministry demands on the church. With that in mind, we recommended that the church look at other options, including a 110,000SF Costco building we found for sale a few miles away on 13 acres with 1,000 parking spaces, listed at the time for $4.5MM. We pursued the Costco building, and ultimately helped the church purchase the facility for $2,750M ($25/SF).