With an eye on future growth, the Northern Federal Credit Union has purchased the former Lyngs Office Supply Center building at 150 Factory St.
The building, which most recently contained the local W.B. Mason office supplies store, sits on adjacent property, behind the credit unions corporate headquarters.
The acquisition represents an opportunity for greater flexibility and expansion, credit union officials said Monday.
As our membership and employment grows, Northerns need for more space grows, credit union President and CEO Daniel W. St. Hilaire said in a news release. Purchasing this facility now allows the option to plan ahead for future space needs.
He also said its convenient location and price made it a really attractive opportunity. The nearly half-acre site is assessed at $333,700.
The 6,750-square-foot building will be used for storage space until the credit union determines whether it will house office or operations facilities, company officials said.
The two buildings share a parking lot, Mr. St. Hilaire said, so the acquisition also gives the credit union additional parking space. Growing is a good problem to have, he said.
Founded more than 55 years ago, Northern Credit Union operates as a nonprofit financial cooperative with 24,000 members and six branches. The other locations are in Watertown, Adams, Gouverneur, Lowville and West Carthage.
As a result of the transaction, W.B. Mason has moved into 1,700 square feet of space in the Watertown Industrial Center, 800 Starbuck Ave.
W.B. Mason will use the space at the business incubator as a warehouse and distribution center, WIC site manager William J. Soluri said.
Employing three workers, W.B. Mason, a regional office supply business based in Brockton, Mass., signed a one-year lease with a one-year option. The monthly rent will be $983.
In January 2011, Lyngs merged with W.B. Mason after operating in Watertown for more than six decades. The merger was prompted by the regions tough economic climate, company officials said at the time.
W.B. Mason, a 100-year-old family business with $800 million in sales, has 33 locations in the Northeast. It sells office furniture, break-room, janitorial and coffee supplies, and printing and promotional products.
W.B. Mason officials could not be reached for comment Monday.
In 1949, Edward M. Lyng opened a small office supply business in his garage on Gifford Street. The store then moved to 808 Huntington St. His son, Patrick, helped run the business until 1977, when it was purchased by Frank A. Empsall II.