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Lifeway

Discussion in 'General Baptist Discussions' started by Zenas, Dec 9, 2015.

  1. Zenas

    Zenas Active Member

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    Why has Lifeway sold all its property in downtown Nashville? According to the Western Recorder it has been purchased by Southwest Value Partners for $125 million. The article also says Lifeway intends to keep its headquarters in downtown Nashville. If that is true, why are they selling? This is prime real estate and $125 million, while in the ball park, is a little on the low side.
     
  2. Marooncat79

    Marooncat79 Member
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    They no longer need that much space and it made financial sense. I think they were only using about 30-40% of the available space IIRC.
     
  3. Marooncat79

    Marooncat79 Member
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    Western Recorder? Are you from KY? If so, where? I am from there too
     
  4. preachinjesus

    preachinjesus Well-Known Member
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    They are outsourcing a lot of their work and the nature of offices is changing. They don't need such a significant space to accomplish their mission. This is a good move. I wish other SBC agencies would go and do likewise with their respective lands.

    Are you into real estate speculation or analysis? I ask honestly and genuinely.

    From what I've been told, this is a fair deal.
     
  5. Zenas

    Zenas Active Member

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    With all the news about the IMB being out of money, that was my first thought about Lifeway. I hadn't considered the possibility of out sourcing and changing needs for office space.

    I have done dozens of real estate deals but none approaching this magnitude. However, I do know 14.5 acres just doesn't exist in the heart of the Nashville business district. This just might be the best commercial site in the city.
     
  6. Baptist Believer

    Baptist Believer Well-Known Member
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    I once toured that facility when I was a kid in the 1970s, and I seem to remember that they had a huge printing operation there. If that memory is correct, then they almost certainly had an environmental problem because of all of the inks that were used and the asbestos that was almost certainly used in the printing areas. Before anyone reuses that building or takes it down to redevelop it, they will have to do extensive environmental premeditation which will cost the new owners millions.

    Since you said the figure was in the ballpark, but on the low side, I suspect they actually got a very good deal. I'm certainly no advocate for Lifeway, but it sounds like a sound and responsible decision.
     
  7. preachinjesus

    preachinjesus Well-Known Member
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    I make it to Nashville on occasion, over the past 18 months I've been there 3 times, and downtown isn't locked up real estate wise. However, you are right that this is prime location for commercial space. Comparatively, the SBC has considerably less denominational space than others (Episcopalians, Lutherans, Presbyterians, etc) which is more a by-product of the nature of Baptist polity than anything else. What they do hold is valuable.

    My opinion, which clearly doesn't mean much, is that all denominational space should be sold off and we move our agencies into more appropriate office space that reflect the humility of our callings and use the profits to advance the Kingdom. Underwriting failing missions agencies might necessarily be one of those things these profits are used for.

    Consider also the sale of Golden Gate Baptist Theological Seminary which sat on premium real estate overlooking the Bay in San Francisco. That $85 million is going to help advance the Kingdom in important ways as well.

    My only prayer in all of this is that we, as a denomination, would be less interested in putting on the vestiges of pride and luxury and more interested in investing in eternal work across our world.
     
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