Project Outline
Sun Federal Credit Union (SFCU) is a financial cooperative, established in 1950, to service Sun Oil Company employees. Today, SFCU has over 120 employee and community sponsor groups with 35,000 members located throughout three (3) states. When Sunoco relocated its corporate headquarters from Radnor, Pennsylvania, there was no longer a strategic need to have a branch location within the Radnor Corporate Center. With the lease expiring in early 2009, SFCU engaged SREA to identify branch locations in the western Philadelphia suburbs.
SREA worked in partnership with the corporate and regional executives of SFCU to investigate lease, redevelopment and purchase options. SFCU was seeking a location that had sufficient parking, allowed for a walk-up ATM and provided signage opportunities that would increase visibility and marketability, ultimately resulting in an increased membership.
Services Provided
- Created preliminary project budget and projected schedule
- Performed a current needs analysis
- Performed employee and target member analyses
- Conducted a market survey
- Performed building inspections and analyses
- Conducted a space planning analysis and provided construction pricing
- Produced a request for proposal
- Performed a financial analysis – lease versus purchase
- Conducted sale and lease negotiations
How SREA Added Value
SREA identified a retail location with excellent visibility along a major suburban thoroughfare (Route 30). The property provided ample parking and the ability to install an ATM, which were two key factors in the decision-making process. A short-term lease agreement with renewal options provided SFCU the flexibility to evaluate membership enrollment with limited invested capital.