Church buys Del Prado Badcock building

BUYER: First Assembly West Inc. (principals: Corey Baker, James Gardner, Stuart Simms, Frank Blake, James Windsor and Elliott William), Cape Coral

SELLER: El Toro Holdings LLC

PROPERTY: 19 and 121 Del Prado Blvd. S. and 124 S.E. 16th Place, Cape Coral

PRICE: $950,000

PREVIOUS PRICE: $1.35 million, March 2005

LAW FIRM ON DEED: Roetzel & Andress LPA, Fort Myers

PLANS, DESCRIPTION: First Assembly West purchased the 12,816-square-foot former Badcock Home Furniture & More store for $950,000.

The price equated to $74 per square foot.

The vacant building occupies a 3.3-acre site. The property was taken back by an affiliate of Reliance Bank in September.

Stephen Cunningham, principal of LandQwest Commercial, represented the seller.

“It was a pretty good-sized building with a lot of land there for parking and great exposure,” Cunningham says. “We had several other churches interested in it as well. The bank-appointed receiver put a new roof on it and made other improvements.”

Founded in 2005, First Assembly West originally operated from the Ida Baker High School in Cape Coral before moving to its current location at 133 N.E. Pine Island Road.

First Assembly West mortgaged the property to Church Extension Plan of Salem, Ore., for $1.21 million.