info@iebizjournal.com
Sunday, May 31, 2020
By Press ReleaseCRE Transaction

Avison Young completes off-market building acquisition on behalf of Chaffey Federal Credit Union in Upland, CA

127views

May 20th, 2020 — Avison Young has announced that it has completed the $1.285 million off-market sale of a 4,080-square-foot (sf) multi-tenant building located at 1014 West Foothill in Upland, CA, on behalf of its client, Chaffey Federal Credit Union. The acquisition was a strategic move for the credit union as it expands its reach throughout the region. It has been a tenant within the property and will continue to use the space for administrative purposes with the flexibility to expand into additional space in the future.

Avison Young Principal Hayden Eaves along with Kristen Sullivan and Matthew Spear, who are all based out of the firm’s downtown Los Angeles office, represented Chaffey. The same team also represented the seller, Steven’s Hope for Children, a nonprofit organization that will continue to be a tenant at the property and negotiated a lease with the new ownership.

“This acquisition was ideal for Chaffey as its 6,100-sf headquarters and main branch location is directly across the street at 1024 West Foothill,” said Eaves. “Chaffey was running out of room at its existing headquarters and this property provides them with the opportunity to seamlessly expand without having to look for new location.”

Founded in 1964, Chaffey Federal Credit Union is a not-for-profit, member-owned financial cooperative providing banking services to multiple business groups. It primarily serves education employees in the Inland Empire and San Gabriel Valley communities. In addition to Upland, Chaffey also has locations in Rancho Cucamonga and West Covina.

“Chaffey Federal Credit Union has experienced solid growth in recent years and needed to explore and develop a facilities and branch strategy,” said Chaffey Federal Credit Union’s Chief Executive Officer Kevin Posey. “Hayden and his team have been terrific partners as they have helped advise us on a plan that best suits our current and future expansion needs. We are excited to work with Hayden and the Avison Young team as we complete these projects and embark on the next phase of our strategy.”

Posey added that in February 2020, the Avison Young team also negotiated a new lease on Chaffey’s behalf for a newly constructed, high profile retail location totaling 2,030 sf at 847 W Foothill Blvd. in Upland.

Chaffey Federal Credit Union (CFCU) has provided personal financial solutions and quality service since 1964. As a not-for-profit, federally chartered, full service financial institution owned entirely by its members, the main objective is to help its member/owners achieve and maintain financial well-being. It provides a wide variety of free and low-cost financial services, plus low loan rates and competitive savings rates.

When you open a regular share savings account, you become a shareholder, meaning that you are one of the Credit Union’s owners as well as one of its members. You have the right to vote for the Board of Directors each year and to run or volunteer for office yourself, if you choose.

Because the Credit Union returns its earnings to its members as dividends (after expenses and reserves), the Credit Union is able to offer higher savings rates and extremely competitive loan rates as well as numerous free and low-cost financial services. Chaffey Federal Credit Union is one of the safest financial institutions in America. Your aggregate savings deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. American Share Insurance provides an additional $250,000 in coverage — for combined coverage of up to $500,000.

IRAs are separately insured up to $500,000 with combined federal and private insurance. An additional $250,000 on aggregate savings accounts and IRAs is insured by American Share Insurance Corporation (ASI).

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 thousands of real estate professionals in more than 100 offices around the world. 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 2020 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

www.avisonyoung.com

Follow Avison Young

Twitter (News) │ Twitter (Deals) │ Blog │ LinkedIn │ YouTube │ Instagram

Leave a Response

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 County and Riverside County.