Call FCU’s newly acquired building at 4235 Innslake Drive was previously anchored by Benchmark Mortgage. (Courtesy S.L. Nusbaum)
A local credit union has bought its way into Innsbrook with a deal that will see its home base shift from South Richmond to Henrico County.
Call Federal Credit Union recently paid $2.95 million for the two-story 28,000-square-foot office building at 4235 Innslake Drive.
The $509 million credit union plans to use at least part of the building as its new headquarters. The new space will replace its current main office at 4605 Commerce Road on the city’s Southside.
The Commerce Road building is just up the street from Philip Morris’s massive factory, a nod to Call’s founding in 1962 when it was chartered initially to serve the tobacco giant’s local workers.
But Call has expanded its focus in recent years thanks to broader community charter, which allows it to essentially offer membership to most residents in the Richmond region. It currently has around 28,000 members and eight branches.
The exact timing of Call’s relocation to Innsbrook is unclear. Messages and emails left for Call CEO John West were not returned by press time.
Call was represented in the Feb. 3 purchase by Andrew Thacker with S.L. Nusbaum.
The seller in the deal was WAM Associates, an entity consisting of commercial real estate broker and developer Joe Marchetti Jr., and Richmond-based developer WVS Cos. That group developed the neighboring Innslake Place apartment building.
Marchetti’s brokerage Range Commercial is among a few tenants still occupying the Innslake office building. Rebecca Barricklow with Range represented WAM in the sale.
As for Call’s 16,000-square-foot building on Commerce Road, that property and its 2 acres are expected to be listed for sale in the near future, likely as a redevelopment opportunity. It was most recently assessed by the city at $3.2 million.
In other local credit union news, Virginia Credit Union in recent weeks purchased a plot in the upcoming Courthouse Landing development, where it will build 3,500-square-foot branch from scratch.
Call FCU’s newly acquired building at 4235 Innslake Drive was previously anchored by Benchmark Mortgage. (Courtesy S.L. Nusbaum)
A local credit union has bought its way into Innsbrook with a deal that will see its home base shift from South Richmond to Henrico County.
Call Federal Credit Union recently paid $2.95 million for the two-story 28,000-square-foot office building at 4235 Innslake Drive.
The $509 million credit union plans to use at least part of the building as its new headquarters. The new space will replace its current main office at 4605 Commerce Road on the city’s Southside.
The Commerce Road building is just up the street from Philip Morris’s massive factory, a nod to Call’s founding in 1962 when it was chartered initially to serve the tobacco giant’s local workers.
But Call has expanded its focus in recent years thanks to broader community charter, which allows it to essentially offer membership to most residents in the Richmond region. It currently has around 28,000 members and eight branches.
The exact timing of Call’s relocation to Innsbrook is unclear. Messages and emails left for Call CEO John West were not returned by press time.
Call was represented in the Feb. 3 purchase by Andrew Thacker with S.L. Nusbaum.
The seller in the deal was WAM Associates, an entity consisting of commercial real estate broker and developer Joe Marchetti Jr., and Richmond-based developer WVS Cos. That group developed the neighboring Innslake Place apartment building.
Marchetti’s brokerage Range Commercial is among a few tenants still occupying the Innslake office building. Rebecca Barricklow with Range represented WAM in the sale.
As for Call’s 16,000-square-foot building on Commerce Road, that property and its 2 acres are expected to be listed for sale in the near future, likely as a redevelopment opportunity. It was most recently assessed by the city at $3.2 million.
In other local credit union news, Virginia Credit Union in recent weeks purchased a plot in the upcoming Courthouse Landing development, where it will build 3,500-square-foot branch from scratch.
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Congratulations to Range Commercial, S.L. Nusbaum, and Call Federal on a successful transaction!