Sunday, October 25, 2020
By Press ReleaseCommercial Real Estate

Avison Young announces $2.25 million acquisition of commercial building in downtown San Bernardino, CA

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Avison Young announced today that it has completed the $2.25 million acquisition of a vacant, 18,275-square-foot (sf) commercial building located at 599 North E Street in the heart of the downtown civic center area of San Bernardino, CA. The property will be used as the headquarters and primary store for Thinkwise Credit Union (CU), a financial organization with membership open to educational employees and immediate family members, of San Bernardino, Orange and Riverside counties including colleges, universities, school districts, parochial, and charter schools.

Avison Young Principal Hayden Eaves along with Kristen Sullivan and Matt Spear who are all based out of the firm’s downtown Los Angeles office, represented the buyer, Thinkwise CU. The seller was a private investor from Orange County.

Built in 1986, the two-story, Tudor style building is situated on 1.56 acres and includes a large break room with full kitchen setup, an elevator, and new LED lighting, among other features. Thinkwise CU will be relocating 19 employees from its current 6,500-sf headquarters on Sierra Way in San Bernardino. Once upgrades to the new space are made, move-in is anticipated by year-end.

“Thinkwise CU is a very community-minded organization with a passion for our members’ financial well-being and the communities in which we serve,” said Thinkwise CU’s President and CEO, Heri “Eddie” Garcia. “This new location is ideal as it is in a great location near our core membership. It also gives us a significantly larger headquarters space as well as a branch office. Additionally, we are excited about building out a 3,800-sf community room to be used for our credit union events and local groups and organizations.”

As further testimony to its ideal location for its customers, the property is situated across the street from the San Bernardino County Schools Superintendent’s office and is just two blocks away from San Bernardino County Unified School District offices.

“In addition to its prime location, this asset was formerly used as a bank building and includes a vault and working safe deposit boxes along with other key improvements, making this a great fit,” said Eaves. “I am pleased that I have been a part of helping to make Thinkwise CU’s vision a reality over the years. This expansion solidifies its commitment to the people it serves and helps streamline its operations to maximize efficiencies.”

Adding to this latest expansion news, Thinkwise CU is opening a newly constructed, Class A, 3,000-sf branch in May 2020 at Renaissance Marketplace, located directly off the 10 freeway in Rialto. Thinkwise CU identified this market as underserved for credit unions and therefore an ideal place to offer a new branch. Avison Young’s Eaves also handled the acquisition of this site on behalf of Thinkwise CU.

 

About Thinkwise Credit Union

Originally established in 1952 to serve San Bernardino school employees, Thinkwise prides itself on its cooperative nature, devotion to the democratic process, and its desire to give back to members and community. The credit union’s membership is open to employees, and immediate family members, of San Bernardino, Orange or Riverside counties including colleges, universities, school districts, parochial, and charter schools. Thinkwise CU focuses on individualized services, providing a safe source of credit and accumulating savings, and doing so in a manner to preserve trust.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.

Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.

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Inland Empire Business Journal
The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.