SAN JOSE — A credit union’s decision to buy a former restaurant building in San Jose gives the financial institution a bigger local footprint and a chance to transform two parcels into a new campus.
Meriwest Credit Union on May 5 completed the purchase of a former Marie Callender’s pie restaurant building, paying $9.6 million in cash for the property, Santa Clara County real estate records show.
With the acquisition of the long-shuttered restaurant property, Meriwest Credit Union now owns two adjacent properties in south San Jose near the high-profile intersection of Blossom Hill Road and Chesbro Avenue.
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The just-bought Marie Callender’s site is at 620 Blossom Hill Road, which is adjacent to an existing Meriwest Credit Union branch and headquarters at 5615 Chesbro Ave.
“We are excited to have completed the purchase of the property at 620 Blossom Hill Road, which reflects our commitment to serve our community and our members,” Pesta said.
San Jose-based Meriwest Credit Union bought the site in an all-cash transaction, according to the county records.
“This would be an expansion of a very successful business,” said Jerry Strangis, a land-use consultant who is helping to steer a Meriwest development proposal for the 620 Blossom Hill property that the financial services firm has just purchased.
The financial institution’s roots go back to 1961 with the formation of the IBM San Jose Employees Federal Credit Union. In 1975 the finance organization’s name was changed to Pacific IBM Employees Federal Credit Union. In 1999, Pacific IBM became Meriwest Credit Union.
The purchase was completed on the 64th anniversary of the financial firm’s founding, according to Pesta.
“This was made possible because of our incredibly loyal members and our deeply committed team,” Pesta said.
Meriwest plans to keep its headquarters at the current Chesbro site and eventually shift the branch operations to a standalone site at the former restaurant property.
San Jose planners and other city officials are reviewing the emerging plans for the 620 Blossom Hill Road property.
“I am looking forward to welcoming everyone in when it’s transformed into a new branch,” Pesta said.
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