Foundry Commercial Completes $15.25M Sale of Church in Arlington, Texas
Posted on April 13, 2016
--Commercial real estate firm closes deal on 107-acre property--
ORLANDO, Fla. (April 13, 2016) – Foundry Commercial, the multi-city commercial real estate firm formerly known as CNL Commercial Real Estate, announces today the completion of the sale of a $15.25 million, 423,000 square-foot church in Arlington, Texas. Foundry Commercial represented the owner in the transaction.
Ideally located at the intersection of State Highway 360 and Interstate 20, the 107-acre property will be developed by Ridge Development to become a 1.6 million square-foot industrial park.
"Ultimately, we found that the highest, best use for the site was an industrial development. We have no doubt that the folks at Ridge Development will do an outstanding job repurposing this property for industrial use,” said Matt Messier, SIOR, CCIM and principal of religious and educational services at Foundry Commercial.
As the premier provider of religious and educational real estate services in the country, Foundry Commercial has sold more churches than any other firm in the country, and has been very active in Texas. In May 2015, the commercial real estate firm sold a $3.9 million church property in Dallas, which spans 62,000+/- square feet and seats 2,250 people. Currently, Foundry Commercial is marketing a $6 million, 471-acre facility that is up for sale in Lindale.
To learn more about these and other religious facilities that are for sale, visit www.FoundryCommercial.com.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 240 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management led buyout. For more information, visit www.foundrycommercial.com