Church of God Prophecy Acquires Religious Facility for $750,000
CBRE today announced it has completed the sale of a religious facility located at 108 Washington Place in Passaic, New Jersey. The former Presbyterian church was acquired by the Church of God Prophecy for $750,000.
The CBRE Investment Properties team of Charles Berger and Elli Klapper, in conjunction with Samuel Bernhaut and Nicole Nannola of CBRE’s Retail Services, represented the seller, Trustees First Presbyterian Society of Passaic,and procured the buyer.
“Given the property’s central location, we received significant interest from multifamily developers looking to convert the existing structure to residential use,” noted Mr. Bernhaut. “However, our client was interested in selling the facility to another religious institution that would continue to cater to the changing demographics of the neighborhood.”
Built in 1927 to serve the Jewish congregation B’nai Benjamin, 108 Washington Place is a 12,790sq.ft., two-story house of worship that can accommodate up to 400 people in the main sanctuary and balcony. The lower level contains additional meeting rooms, offices and a full industrial kitchen. The property is just blocks from multiple bus lines offering easy access to the surrounding neighborhoods, as well as the entire NYC metropolitan area. It is also just two blocks away from Main Avenue, Passaic’s main commercial thoroughfare.
“The Presbyterian Society was very pleased to sell the facility to a local religious group with a congregation with a strong foothold in the area that was outgrowing its existing space,” continued Mr. Bernhaut.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
