Downtown Roanoke building sells for $3.1 million

Published October 29, 2019 by Robert Powell, III

The former First Federal Building in downtown Roanoke has been sold for $3.1 million.

The Roanoke-based Poe & Cronk Real Estate Group said the 48,000-square-foot office building on the corner of Church Avenue and First St. SW was bought by Kalyan Hospitality.

Constructed in 1958, the building served as the headquarters of First Federal Savings and Loan. The structure also has been used by Valley Bank and BNC Bank, and it is currently occupied by Pinnacle Bank.  Next year, Pinnacle plans to relocate to a newly constructed building on Campbell Avenue.

Poe & Cronk said Kalyan Hospitality is exploring options for the property as a downtown hotel or office space.

The building was marketed for sale by Dennis Cronk, Matt Huff, and Stephen Pendergrass of Poe & Cronk.