Lookout Mountain Community Church grew rapidly in the late 1990’s. In 2002, it constructed a 68,000 SF church campus comprised of three buildings and a 1,050 seat auditorium. After the lead pastor departed in 2007, the church went into a period of decline and eventually defaulted on its loan.
A lender took this 51,200 SF Class “A” Church property back in foreclosure from the church and hired CFS as its’ listing agent to sell the property. The property was listed at $6.41 million. The property was offered at a huge discount compared to its original construction cost of $11.8 million and was sold to Flatirons Community Church for $5 million as a second campus to serve its expanding congregation.
Because of its extensive connections to Colorado churches, Reliance Trust, a national church lender based in Atlanta, Georgia, hired CFS to lead the effort to sell this like-new church property.
CFS conducted a national marketing campaign, sourcing 162 mega churches in the western US including nearly 200 telephone calls. Local efforts involved email and follow-up phone calls to a small audience of 35 likely church candidates with a minimum of 1,500 weekly attenders.
CFS identified alternative uses including office, recreational, municipal, and non-profit to reach all possible prospective buyers.
In only 8 months, the property was under contract to sell.
Distributed approximately 70% back to Reliance Trust’s clients—church bond investors.
Rescued this important church facility for future kingdom building purposes.