The Stubblebine Co. and JLL arrange $14.5 million sale to Colossians 3:23

Woburn, MA Colossians 3:23 LLC (owned by Dr. Mouhab Rizkallah) purchased 11 State St., a 58,232 s/f flex industrial building, for $14.5 million from Foxfield Development. David and Chloe Stubblebine of The Stubblebine Company represented Colossians 3:23 in this transaction, while Brian Tisbert and Chris Lawrence from JLL negotiated on behalf of the seller. 

Dr. Rizkallah indicates that he bought the building to permanently host his church - GENESIS Church. Dr. Rizkallah and his family have attended and loved GENESIS Church for 17 years, and they feel privileged to permanently host the church at a cost-coverage-only rent (zero profit), with all equity increases also being given to GENESIS church. 

Dr. Rizkallah said, “Naming the holding company Colossians 3:23 LLC captures my family’s worldview. The facts of science clearly indicate there is a God, and the facts of history amazingly point to Jesus Christ. So, this purpose-driven acquisition made perfect sense in my purpose-driven life.” 

Pastor Michael Davis said, “GENESIS is grateful to the Rizkallah family for their faithful stewardship of the resources that God has entrusted to them. Their heart to be used by the LORD to further His Kingdom is truly inspiring. It has been a joy to have them part of the GENESIS family since its inception in September of 2009. We look forward to seeing how the LORD will use 11 State St. to further the mission and ministry of ‘helping ALL people walk with God.’”

David Stubblebine said, “GENESIS now has in place a tremendous opportunity for exponential growth. The building will enable them to expand their dynamic ministry which is positively impacting many lives in the greater Woburn area.” 

Entering its 38th year, The Stubblebine Company/CORFAC International continues to be one of the leaders in leasing and selling large industrial assets throughout New England.