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6/02/20
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A 4k sf, multi-tenant building in the Inland Empire city of Upland sold for $1.285 mil ($321/sf) in a recent, off-market transaction. The property, located at 1014 West Foothill, was purchased by 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.
Hayden Eaves, Kristen Sullivan and Matthew Spear with Avison Young represented the buyer and 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 6.1k 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.
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