Jacksonville-based 121 Financial announced Thursday it will relocate its corporate headquarters to 701 Riverside Park Place in the Riverside area.
The community-chartered credit union paid $3.4 million for the Riverside building sold by Scott-McRae Automotive Group LLLP.
Property records show the three-story building, comprising 43,170 square feet, was built in 1980.
The credit union, which serves the greater Jacksonville area, said the building will serve as its support hub for operations. Its main corporate headquarters are at 9700 Touchton Road.
“We plan to accelerate growth of the credit union in the coming months and years. We were simply out of room with support staff currently located in three separate facilities,” said Bruce Fafard, president and CEO, in a statement.
He said the new location will allow 121 Financial to consolidate corporate and support operations at one site.
The credit union said the building is undergoing internal renovations and hopes to complete the move within six months.
The credit union is open to residents and businesses in greater Jacksonville and surrounding counties of North Florida.
Chief Strategy Officer Paul Blackstone said 121 Financial will consolidate its support and operations staff from the Touchton offices as well as from offices in Baymeadows and the McDuff area.
Alex Graham, vice chairman of Scott-McRae Group, said Thursday that Scott-McRae would lease 3,600 square feet of space on the first floor for its corporate headquarters. The group’s dealerships in Jacksonville are Duval Ford, Duval Honda, Duval Acura and Duval Mazda at the Avenues. It also has dealerships in other Florida cities.
“We are going to take the capital from this building and reinvest it into our performing divisions rather than our corporate offices,” Graham said.
Scott-McRae already consolidated its U.S. Auto Credit division into 20,500 square feet at the Prominence office park.
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