Thinking Out Loud

January 5, 2009

Crystal Cathedral Selling Significant Asset to Raise Capital

Filed under: Christianity, Church, current events — Tags: , , , — paulthinkingoutloud @ 1:25 pm

This article, from Sunday (Jan 4th) appears in the Orange County (CA) Business Journal.   Here are excerpts.


Crystal Cathedral Looking To Sell Garden Grove Office
Orange County Business Journal Staff

A five-story Garden Grove office building on the campus of the Crystal Cathedral has been put up for sale by the megachurch.

Crystal Cathedral Ministries, headed by TV minister Robert Schuller, has put a 136,968-square-foot office building it owns on the market, according to brokers with the Anaheim office of CB Richard Ellis Group Inc.

The building…is next to the Crystal Cathedral, an Orange County (OC) landmark. The office shares parking with the cathedral, which was completed in 1980.

The price tag for the building, built in 1989, is $34 million, or about $248 per square foot.

The iconic Crystal Cathedral church building isn’t part of the sale.

The ministry says it wants to lease back the entire property for three years after the sale is completed, at a monthly rate of $1.59 per square foot, or about $2.6 million a year.

Alternatively, the buyer could opt to terminate the lease with six months notice, according to marketing literature for the office.

The property is a few blocks from UCI Medical Center in Orange so brokers are advertising the building as a possible site for medical tenants, if the office is converted for that use after the ministry leaves. More than $4 million of upgrades would be needed to make the office compatible for medical tenants.

The site, on a roughly 5-acre plot of land, is zoned for office, medical and educational uses…

Crystal Cathedral Ministries, which is home to some 10,000 members and Schuller’s “Hour of Power” TV show, has used sales of OC real estate it owns to meet its financial goals in the past few years.

In 2005, it sold a 4-acre plot of land in Anaheim where it owned a warehouse to La Jolla-based Windstar Communities LLC, getting $12.2 million for the property…

Also in 2005, the ministry put up for sale nearly 60 acres off San Juan Capistrano land it owned, located next to the San Joaquin Hills (73) Toll Road near the intersection of the San Diego (I-5) Freeway.

Advertisements

2 Comments »

  1. Sick, no? I’m surprised if they are able to squeeze God in there anywhere.

    Comment by Tim — January 5, 2009 @ 5:43 pm

  2. […] Related post in this blog – Crystal Cathedral Selling Office Building (Jan 5/09) […]

    Pingback by Cuts Continue at Crystal Cathedral « Thinking Out Loud — January 24, 2009 @ 10:37 am


RSS feed for comments on this post. TrackBack URI

Your Response (Value-Added Comments Only)

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: