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January 14, 2014

First Congregational Church sells for $30M

Bellevue Reporter

Brandon Macz

A Chinese investment firm closed on its purchase of the Bellevue First Congregational Church property on Monday for $30 million, but Pastor Kevin Brown says his congregation will remain there for the time being.

The 1.6-acre property at 752 108th Ave. N.E. went to market last year and was marketed by real estate company Kidder Mathews.

"It was widely exposed and had a lot of interest from investors worldwide," said broker Jason Rosauer. "The church went out in a very formal and controlled manner and found the best buyer for the site."

Brown said the church negotiated with purchaser Plus Investment USA for a lease back arrangement and doesn't plan to move any time soon. A new location for the church is still being sought. Brown said having a new location was a caveat for selling the property a year ago.

"The closing on the sale of our property, which did occur (Monday) had to be disentangled from a commitment to any future location," he said, adding he recently found church documents indicating relocation had been considered as far back as the 1970s. "Just like the children of Israel, it took us about 40 years to get that done."

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