The Church will continue to occupy its existing facilities for two years as new development is built on Atlanta Road, as part of sale-leaseback agreement
Smyrna First Baptist Church has closed on a deal to sell its nine-acre property on Church Street to the City of Smyrna, with plans to develop a new campus on 5.5 acres along Atlanta Road in Smyrna, Georgia. The $15.8 million transaction is part of a sale-leaseback agreement, and Smyrna First Baptist Church will continue to minister in its existing space for two years as construction begins at its new location.
“True to its name, Smyrna First Baptist has always existed to put Smyrna first,” says Dr. Jeff Pennington, the church’s Senior Pastor. “Our church is unapologetically biblical, and as such, it is our deep desire, our calling really, to lead every person who calls Smyrna home into a loving, thriving relationship with Jesus. This decision to move and relocate our campus is not only consistent with our calling, but it was birthed directly from it. We love our Savior and we also love our city. This move brings both of these loves together.”
Smyrna First Baptist Church was founded 138 years ago and currently occupies a 100-year-old stone building at the corner of Church Street and King Street on the city square in downtown Smyrna. Following the sale of its property to the City, the Church will use the funds gained to build its new ministry campus, which is currently in the design phase and will be constructed on Atlanta Road, just a short walk away from its historic downtown location. As advisor to Smyrna First Baptist Church, Jeff Warwick of CCI Real Estate negotiated and structured the sale-leaseback transaction between the Church and the City.
“After years of negotiation on behalf of Smyrna First, we reached a mutually beneficial solution that places both the Church and the City on paths toward long-term success,” said Warwick. “This creative deal unlocked resources that allow the Church to design a modern ministry campus that can serve its congregation for the next 100 years – a generational opportunity that ushers in an exciting new era for Smyrna First and the greater community.”
The City will use the property on Church Street to further develop its downtown neighborhood into a more cohesive, vibrant community with retail, dining, and entertainment offerings. Led by Smyrna’s Downtown Development Authority, its “Downtown the Downtown” campaign lays out a Master Plan to revitalize the newly acquired property. The City will maintain the 1924-era stone building for public use and will also redevelop the former site of the Presbyterian Church, which was already owned by the City.
For more information about the “Downtown the Downtown” campaign, click here. For more information on CCI Real Estate, click here.
About CCI Real Estate
CCI Real Estate (CCI) is an investment company that acquires and develops a diverse array of real estate projects throughout the Southeast. CCI creates investor value through community transformational and missional impact partnerships and monetizes non-earning fixed assets for municipal and charity organizations.
