Poe & Cronk Real Estate Group today announced the sale of the First Federal Building on the corner of Church Avenue and 1st Street SW in Historic Downtown Roanoke for $3,100,000.
The 48,000 square foot office building served as headquarters for First Federal Savings and Loan, Valley Bank, BNC Bank, and is currently occupied by Pinnacle Bank until 2020 when they will relocate to their newly constructed downtown headquarters on Campbell Avenue.
After receiving multiple offers to purchase, the property ultimately sold for the full asking price. The new owner, Kalyan Hospitality, is exploring options to renovate the property for a new downtown hotel or modern offices.
The First Federal Building was originally constructed in 1958 and is one of Roanoke’s landmark assets. The property fronts 125 feet on Church Ave. and 95 feet on 1st Street SW in the heart of downtown Roanoke’s reviving Central Business District.
The property was marketed for sale by Dennis Cronk, Matt Huff, and Stephen Pendergrass of Poe & Cronk Real Estate Group.