Living Waters Community Church buys, renovating former Albertsons

BUYER: Living Waters Community Church Inc. (principals: Jeff Cecil and William Ivie), Bonita Springs
SELLER: Road Inc.
PROPERTY: 22088-22110 S. Tamiami Trail, Estero
PRICE: $4.4 million
PREVIOUS PRICE: $4.2 million, April 2002
LAW FIRM ON DEED: Peterson & Myers PA, Lakeland

PLANS, DESCRIPTION: Living Waters Community Church purchased the 66,000-square-foot Williams Place Shopping Center for $4.4 million.

The price equated to $67 per square foot. That figure is less than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The shopping center was previously ground leased by Albertsons for a grocery store.

The Living Waters Community Church recently sold its 28,088-square-foot existing location at 27911 Vermont St., Bonita Springs to Centers for the Arts Bonita Springs for $2.53 million (see March 14 Business Observer). The church will be renovating the retail grocery property, which is across the street from the new Hertz corporate headquarters, to serve as its new church and the home for its early childhood learning center, Living Waters Academy.

Living Waters Community Church says it had outgrown its Bonita Springs building and that the new location will offer seating for up to 1,000 people. It also plans to create a 6,500-square-foot lobby with a cafe.

The new church building is scheduled to open by early September.

Bobby Eggleston of RMC Property Group represented the seller, and Dan O'Berski and Matt Fredrickson of Trinity Commercial Group represented the buyer. Josh Dorminy of CAMM Management represented Albertsons.

Living Waters Community Church mortgaged the property to Assemblies of God Loan Fund for $5.52 million.