Coastal Federal Credit Union has paid $3.8 million to acquire the undeveloped lot next to its headquarters on St. Albans Road in Raleigh for a still-to-be-determined future expansion.
“The good news is, this keeps us in the neighborhood and this part of town for the foreseeable future,” said Coastal spokesman Joe Mecca.
The sellers of the 3.4-acre parcel at the intersection of St. Albans and Wake Forest Road were trustees acting on behalf of two local families, according to Holliday Fenoglio Fowler, which represented the sellers in the deal.
“We don’t have any firm plans just yet,” Mecca said of the site. “We know we will have growth needs in the next three to five years.”
Coastal currently has about 350 employees working at its headquarters.