Summit Church sells $1.5M retail center

Summit Church, a megachurch east of downtown Orlando, recently sold a $1.5 million retail center next to its main church facilities on East Colonial Drive.

The church has been in the news during the last year because of the resignation in November 2012 and the suicide this month of its founding pastor, Isaac Hunter.

Jeff Porter, facilities director of Summit, said the church acquired the retail center at 3907 East Colonial and another property, called Fashion Village, in distress sales in 2012.

Porter said the church was "blessed" to find a buyer for the retail center, which was 100 percent leased at the time of the sale.

Goodwill Industries is one of the tenants. Built in 1966, the center includes about 11,723 square feet on 1.4 acres.

The buyer was a limited liability company managed by Ryan Stahl, president of Maitland-based Equinox Development.

Summit now owns two properties in Orange County: the church, with 32,970 square feet at 735 Herndon Ave.; and Fashion Village, with 43,072 square feet at 3815 E. Colonial Drive.

Hunter, who resigned after admitting having an affair with a church staff member, founded Summit Church in 2002 from a youth ministry. It started with 300 members and became one of the fastest-growing churches in Central Florida, with five locations and an estimated congregation of 5,000.

Sales

The Cushman & Wakefield Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender represented Balapines Partners LP of Irving, Texas, in the $36.3 million sale of Bala Sands Apartments. The buyer was the Carroll Organization of Atlanta. Bala Sands includes 298 units with an average size of 1,097 square feet. Carroll plans to complete minor upgrades and rebrand the community as Arium Bala Sands.

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Summit Church sells $1.5M retail center