Scott McClung Of ELS Construction Acquires First Baptist Church In Dickinson For Redevelopment
Building Size
44,000 SF
Asset Type
Church
Closing
Sep 19, 2024
AI
The property asset involved in this transaction is an abandoned church located at 2504 FM 517 Road East in Dickinson. The asset spans a total of 44,000 square feet and is classified as a church. The transaction was completed on September 19, 2024.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: Not disclosed
- Address: 2504 FM 517 Road East
- Market: Dickinson
- Buyer: Scott McClung - ELS Construction
- Seller: First Baptist Church
- Buyer's Representative: James Brockway - Brockway Commercial
- Seller's Representatives: Lisa Kurrass & Ronnie Orman - Real Estate Connection International
Scott McClung of ELS Construction has plans to redevelop the acquired church property into their new headquarters. The redevelopment includes converting the church's former sanctuary into a flexible event or restaurant space. ELS intends to establish an 11,500-square-foot building on-site within eight months, as part of a wider project that will introduce new retail and mixed-use developments in Dickinson.
Players
Market Church Market Snapshot
Boundary boundary · Church · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93