Religious organizations can be promising candidates to backfill big-box spaces, and financial institutions are fueling this trend, reports Centennial Bank’s David Druey.
With occupancy being a major concern for most big box landlords, an older solution is regaining popularity: Large churches looking to expand in dense city areas are moving into vacant retail spaces. For example, Christ Fellowship Church intends to open roughly five such locations over the next few years.
Moreover, it is currently launching pop-up services in Boca Raton, Vero Beach and Westlake in Central Palm Beach, Fla., and looking for a permanent location in the form of a medium to large, 30,000- to 35,000-square-foot building to cater to its followers. To fund their growth, ministries are approaching traditional lenders. Centennial Bank has provided a $26 million credit line for Christ Fellowship Church’s use over the next couple of years...
RSK: Why not I ask? Churches have been in office buildings for years since the weekends leave the parking wide open so why not retail which usually has much more parking per sf. Trouble is it is weekends when shopping is at its peak but why not go shopping right after Church Services?
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- - Volume: 7 - WEEK: 33 Date: 8/13/2019 6:01:01 AM -