ADVERTISEMENT

ARIZONA BUSINESS

Scottsdale church spends $10M on 3rd property acquired in five years

Illuminate⁠ Community Church acquired a 3.65-acre parcel of land at 17600 N. Perimeter Drive on Nov. 2 for $10 million from Finish Line Arizona LLC.

A north Scottsdale church is continuing to expand after recently buying its third property in the p...

A north Scottsdale church is continuing to expand after recently buying its third property in the past five years, bringing its total investment to nearly $30 million. (Photo via Phoenix Business Journal's Jim Poulin)

(Photo via Phoenix Business Journal's Jim Poulin)

A north Scottsdale church is continuing to expand after recently buying its third property in the past five years, bringing its total investment to nearly $30 million.

Illuminate⁠ Community Church acquired a 3.65-acre parcel of land at 17600 N. Perimeter Drive on Nov. 2 for $10 million from Finish Line Arizona LLC, according to Tempe-based real estate database Vizzda LLC. The nondenominational Christian church made a $3 million down payment and financed $7 million through Cass Commercial Bank⁠.

The property is a parking lot that’s adjacent to the church’s two buildings and Finish Line Auto Club⁠’s $90 million luxury car garage project at the former Fender Musical Instruments Corp.⁠⁠ headquarters. Demolition of the former Fender building started in September, and a groundbreaking event for the auto garage is set for Nov. 16. The 140,000-square-foot development will include six buildings, including a four-level, 21,000-square-foot clubhouse.

“The new Finish Line Auto Club development was originally planned on just the 7-acre site, so we had some flexibility with this excess 3.5 acre parcel,” Finish Line Auto Club’s co-founder and principal, Tony Principe told the Business Journal. “We’re glad that we have been able to establish a strong relationship with the church and look forward to a long-term neighbors.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story. 

Comments

0 Comments