$4 million from Heaven leads to acquisition of former Walmart store

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Jefferson County

Property Location: 14605 West 64th Ave., Arvada

Property Description: 57,650-sf closed Walmart store, YOC 2001, masonry (Walmart closed this store in July 2017.)

Land Size: 5.683 acres

Sales Price: $4M, or $69.38 psf

Reception No.: 2018019502

Closing Date: 2/27

Grantor: Walmart Real Estate Business Trust, Robert Stoker, director

Grantee: Storyline Fellowship Inc., Ben Mandrell, lead pastor

Financing: Line of credit with North American Mission Board of $6M

Comments: The buyer will spend an additional $6 million ($104 psf) in renovation, equipment and furnishing. Additionally, the owner of the property directly north of the new facility has signed a parking license agreement with the church for an additional 500 parking spaces. The Walmart has over 300 parking spaces that were included with the sale. The church has grown from its initial time 2015 of 325 members to 682 members.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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