ROANOKE, VA (June 4, 2019) – Poe & Cronk has been selected to represent the owners of the sale of the eight story First Federal Building on the corner of Church Avenue and 1st Street SW in Historic Downtown Roanoke. The 48,000 square foot office building served for years as headquarters for First Federal Savings and Loan Association, Valley Bank, and is currently serving as the Roanoke headquarters of Pinnacle Financial Partners until Q1 2020 when they will relocate to their newly constructed downtown headquarters.
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 First Federal Building is located within an Opportunity Zone, a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017.
“We are excited to have been selected for this assignment. The availability of this property creates an exceptional downtown opportunity. Our marketing efforts will target possible users, investors, and developers.” according to Matt Huff, Executive Vice President & COO of Poe & Cronk.
“Downtown is riding a wave of positive momentum including the recent redevelopment of the Heironimus Building in the same block which will make way for the anticipated Mast General Store. This block will also house downtown’s newest redevelopment “Printer’s Alley”, in addition to the nearby redevelopment of The Liberty Trust Office Building into a Boutique Hotel. It’s an exciting time for Downtown Roanoke.” according to Stephen Pendergrass, Vice President at Poe & Cronk Real Estate Group.
The property will be marketed for sale at a price of $3,100,000 by Dennis Cronk, Matt Huff, and Stephen Pendergrass of Poe & Cronk Real Estate Group.