PRESS RELEASE: April 18, 2017
Wyomissing, PA – First Presbyterian Church set to acquire Wyomissing property owned by real estate Limited Partnership affiliated with Spotts, Stevens and McCoy (SSM).
In what is being described by both parties as a ‘union made in Heaven’ First Presbyterian Church, currently located at 37 South 5th Street in Reading and Spotts, Stevens and McCoy are jointly announcing plans for a real estate transaction whereby First Presbyterian Church is set to acquire the 1047 North Park Road, property currently occupied by Spotts, Stevens and McCoy (SSM) with plans to lease approximately half of it back to SSM. The purchase is contingent upon various approvals.
Attorney John Roland, long time member and elder at First Presbyterian Church who is a partner at Roland Stock, LLP, has provided leadership to First Presbyterian’s new site selection efforts. “Our Church is on a mission to expand our outreach efforts. This beautiful, new location will give us that opportunity,” said Roland. “Our congregation has embraced a number of changes in recent years and, following planned renovations, this facility will give us the space we need to support our membership growth goals.” First Presbyterian, founded in 1814, recently left the PC (USA) denomination to affiliate with the PC (ECU) and also just announced the calling of a new Senior Pastor, Christopher DiVietro. “We are very excited about these changes and in many ways, finding this location is an answer to prayers and the final piece of the puzzle,” said Nancy Alley, another church Session member who has been very active in the relocation process.
Brian Kelly, CEO at SSM and a partner in the real estate partnership, had the following to say: “We love our beautiful Wyomissing location and we had no desire to leave it; however, 43,000 square feet is simply more space than we need right now. So when the Church approached us about buying it and told us it was more space than they need at this time, we discussed a possible sale and lease-back situation. The result is that we’ve ended up with an Agreement that is truly a win-win for both parties. This sale unlocks resources that we can use to reinvest in the growth of the business, focusing on adding new technology and equipment and pursuing other strategic initiatives, including potential acquisitions.”
The 1047 North Park Road facility was constructed in 1963 as the world headquarters for Vanity Fair Corporation and it was subsequently renovated in 1998 and occupied by Carpenter Technology. The SSM principals purchased it in 2003. The building has just under 43,000 square feet on two levels and sits on approximately 5.5 acres of prime Wyomissing real estate.
“What makes the transaction so appealing to us is that Spotts, Stevens and McCoy will continue to occupy approximately half of the space as we embark upon our congregational growth plans,” said Roland. Current elder and former Treasurer Paul Eisenhuth notes that Presbyterians are known to be financial conservatives. “A key component of the transaction is that SSM and the Church are entering into a 5-year Lease Agreement which makes the space affordable for us. It also ensures our access to additional space as we grow.”
Spotts, Stevens and McCoy is a family owned and managed regional engineering and consulting firm with roots back to 1932. Two of the principals, Patrick McCoy and Lewis McCoy, Jr., are sons of founder, Lewis McCoy, Sr., and Kelly is a son-in-law. Both First Presbyterian Church and Spotts, Stevens and McCoy have deep roots in the Berks County community.
There are many factors that make this such a uniquely beneficial transaction for both parties:
- The SSM lease-back will provide the Church with an ongoing revenue stream as it embarks upon renovation plans and congregational growth goals. Financing is being provided by Customers Bank as the Church embarks upon a capital campaign to fund both the purchase and planned renovations. The Church will be seeking competitive bids for both design and construction work. No firm timeline for construction or occupancy has been established at this time.
- With a five-year Lease in place, SSM will be able to continue to operate from its existing headquarters location with little or no disruption to business as the Church embarks upon its renovation plans and prepares to move in
- Church offices will be open during the week; however its primary activity will occur on weekends and evenings when parking spaces are likely to be occupied by those attending scheduled worship services. SSM’s primary business activity will occur on week days during normal business hours and its employees will be off on weekends.
An answer to prayers? A partnership made in Heaven? The ‘joining’ of two old and well-established organizations? Laying all spiritual beliefs aside, it certainly appears to be a transaction that capitalizes on every possible benefit for both the Church and SSM. So at a minimum, it’s a win-win!
FOR ADDITIONAL INFORMATION:
- First Presbyterian Church - John Roland, Esq. | 610-372-5588
- Spotts, Stevens and McCoy – CEO, Brian Kelly | 610-621-2000
- Patricia Langiotti, Creative Management Concepts | 610-603-0306