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News for Wednesday, October 30, 2013

TBC Receives Contract on Brentwood Property
By Lonnie Wilkey
10/30/2013
editor, Baptist and Reflector

BRENTWOOD — The Tennessee Baptist Convention has received a signed contract to purchase the Baptist Center property in Brentwood.

H.G. Hill Realty announced that it will purchase the Baptist Center and 5.25 acres of land located at the intersection of Maryland Way and Franklin Road.

H.G. Hill Realty was involved in an attempt to purchase the TBC property last year along with GBT Realty Corp. The two entities (known as Franklin Land Associates) had planned to construct a 970,000-square-foot Streets of Brentwood mixed use project that would have included offices, a hotel, condos, restaurants, retail, and a movie theater, according to a news article in The Tennessean on Oct. 23.

The project, however, fell through after opposition by local residents and the contract was voided in February.

H.G. Hill Realty bought sole ownership of the adjacent Murray of Ohio site this summer and came back with an offer to purchase the TBC property, according to The Tennessean.

TBC Executive Director Randy C. Davis is excited about the sale of the Brentwood facility.

He noted that H.G. Hill Realty has agreed to pay $8,750,000 for the property. “They also have agreed to pay the broker’s fees which would have been a cost to us of approximately $350,000,” Davis continued.

“Coupled with the $250,000 earnest money from the sale that did not materialize in February we will have right at $9 million for our relocation,” he added.

Davis said the TBC is expected to close on the property by the end of November, if not sooner.

Davis said great flexibility has been built into the contract in regard to the TBC vacating the property. “We will probably remain in the building until late spring or early summer,” Davis said. He noted that the company will allow the TBC to use the property at no cost.

Davis said he anticipates the convention moving into temporary quarters before finding “a permanent base” of operations.

When the sale of the property fell through in February, Davis said the convention “will continue to be motivated by the principle of wise stewardship as we make decisions concerning this incredible asset called the Baptist Center.”

Last week Davis said that the sale of the Baptist Center “is indeed the culmination of strategic thinking about how we extend Cooperative Program dollars that churches from all over Tennessee have given through the years.

“This action to sell the property is the fulfillment of that bedrock principle of being good stewards of what God has placed in our hands,” Davis said.

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