Henrico Federal Credit Union is expanding into a space near its Broad Street headquarters. Photo courtesy of Cushman & Wakefield | Thalhimer.
A buy on Broad Street has given a local credit union room to spread out its home base.
Henrico Federal Credit Union acquired an office building last month at 9351 W. Broad St. to serve as an extension to its headquarters.
It paid $850,000 for the 12,000-square-foot property, which sits next to its main office at 9401 W. Broad St.
Chris Williams, Henrico FCU’s chief executive, said the new building will house back office operations and give the $203 million credit union extra space for the future.
FCU paid cash for the property and plans to renovate the space that most recently housed Virginia Urology’s office. The credit union made the purchase after considering building something new, Williams said.
Henrico Federal Credit Union has been in its main Broad Street headquarters for eight years. Photo by Evelyn Rupert.
“We thought even with renovations, it would be a less costly option,” Williams said.
The seller of the property was Continental Copper Associates, an individual investor out of Hampton Roads. Continental was represented by Birck Turnbull, a broker with Cushman & Wakefield | Thalhimer.
As a medical office building, the property had sat idle for some as newer medical developments that have popped up elsewhere in the area. Virginia Urology moved to a new space in Reynolds Crossing. And new medical office properties are fueling developments west of Short Pump.
That left an opening for Henrico FCU to get a good price on the building with room for renovations.
“At below $100 per square foot, you can make improvements and still come in for less than new construction and most West End office properties,” Turnbull said.
Henrico FCU hasn’t yet set a renovation budget or chosen a general contractor, Williams said, but it plans to fully renovate the interior and it may consider leasing a portion of it to another tenant.
It worked with Baskervill initially on designs and budgetary numbers for demolition and renovations. Henrico FCU was represented in the deal by Ellen Long, a broker with Taylor Long Properties.
Henrico FCU has been in its current Broad Street headquarters for eight years. It has six branch locations in Henrico and Chesterfield counties and 79 employees, including full- and part-time.
Henrico FCU sought a broad field of membership that covers the entire metro area in order to absorb the smaller Bellwood Federal Credit Union in Chesterfield in 2012. That gave it a new base of members from the Defense Supply Center Richmond off Jefferson Davis Highway. Its other core base of members is Henrico County employees. It now has 28,000 members.
Henrico Federal Credit Union is expanding into a space near its Broad Street headquarters. Photo courtesy of Cushman & Wakefield | Thalhimer.
A buy on Broad Street has given a local credit union room to spread out its home base.
Henrico Federal Credit Union acquired an office building last month at 9351 W. Broad St. to serve as an extension to its headquarters.
It paid $850,000 for the 12,000-square-foot property, which sits next to its main office at 9401 W. Broad St.
Chris Williams, Henrico FCU’s chief executive, said the new building will house back office operations and give the $203 million credit union extra space for the future.
FCU paid cash for the property and plans to renovate the space that most recently housed Virginia Urology’s office. The credit union made the purchase after considering building something new, Williams said.
Henrico Federal Credit Union has been in its main Broad Street headquarters for eight years. Photo by Evelyn Rupert.
“We thought even with renovations, it would be a less costly option,” Williams said.
The seller of the property was Continental Copper Associates, an individual investor out of Hampton Roads. Continental was represented by Birck Turnbull, a broker with Cushman & Wakefield | Thalhimer.
As a medical office building, the property had sat idle for some as newer medical developments that have popped up elsewhere in the area. Virginia Urology moved to a new space in Reynolds Crossing. And new medical office properties are fueling developments west of Short Pump.
That left an opening for Henrico FCU to get a good price on the building with room for renovations.
“At below $100 per square foot, you can make improvements and still come in for less than new construction and most West End office properties,” Turnbull said.
Henrico FCU hasn’t yet set a renovation budget or chosen a general contractor, Williams said, but it plans to fully renovate the interior and it may consider leasing a portion of it to another tenant.
It worked with Baskervill initially on designs and budgetary numbers for demolition and renovations. Henrico FCU was represented in the deal by Ellen Long, a broker with Taylor Long Properties.
Henrico FCU has been in its current Broad Street headquarters for eight years. It has six branch locations in Henrico and Chesterfield counties and 79 employees, including full- and part-time.
Henrico FCU sought a broad field of membership that covers the entire metro area in order to absorb the smaller Bellwood Federal Credit Union in Chesterfield in 2012. That gave it a new base of members from the Defense Supply Center Richmond off Jefferson Davis Highway. Its other core base of members is Henrico County employees. It now has 28,000 members.