On November 27th, 2017, the congregation of Victory Church & Christian Academy voted to approve the sale of the property located at the Victory West campus (497 E Street, Chula Vista, CA 91910). Several offers were submitted from a wide range of buyers and after much consideration, an offer for the full asking price of $5.5 million was accepted.
Over the coming weeks and months, Victory’s finance committee will work alongside Wayne Ansley of Ansley Realty to continue negotiations as we move into an escrow phase. The hope for Victory is to have the escrow process completed by June 1, 2018.
The sale of this property brings with is many different emotions. There are decades of history and memories that have been made within the confines of the Victory West facilities. From the years spent as Pilgrim Lutheran to the new beginnings that have come with the creation of Victory Church and Christian Academy, it is safe to say that this sale will be closing a door on an amazing chapter.
At the same time, however, a new door opens and new opportunities abound. The sale of the Victory West property will serve as a primary funding source for the development of a brand new facility at the Victory East site. This will provide new opportunities for the Victory ministry to expand further into the community in Chula Vista and help spread God’s love to more people each and every day.
We ask for continued prayer as we venture into a new phase of growth and expansion. As always, we thank you for your support of the Victory Ministry.
- Buyer is paying full asking price of $5.5 million
- Buyer is purchasing property “as-is”
- Buyer will pay all agent commissions
- Escrow is estimated to close June 1, 2018
Excluded From Sale
- Pipe organ and all related organ systems
- Stained-glass windows
- All playground equipement
- Up to 90- days on Seller’s side to obtain loans and approval from the city
- Buyer has a 90-day physical contingency period after release of contingency by the seller for title inspections, permits and approvals, zoning, land use and other administrative requirements
- Victory must receive approval from the City of Chula Vista for temporary class rooms at the East Campus
- Victory must receive approval for setting up loan instrument
The Buyer has agreed to lease back to Victory, the classrooms, preschool building and playground and use of the parking until Dec 31, 2018, at no cost. Buyer agrees to rent back the preschool and school until May 1st, 2019 for $1950 per month. We hope to have grade school students transitioned to the new facility by the start of the 2019 school year, though this timeline is subject to change.
What will this fund?
Along with a capital campaign that will begin soon, the sale of the Victory West property will support:
- Initial site grading, electrical and drainage
- Construction of a 12,000 sq. ft. multipurpose building for worship, athletics and more
- Conversion of the existing Victory East building into a preschool
- Placement of nine modular classrooms to create a Preschool-12th grade campus