Cush & Wake Completes Sale of Roanoke’s Franklin Plaza

By Evelina Croitoru | Jul 21, 2017

Original article on Commercial Property Executive

Franklin Plaza is a five-story 136,455-square-foot office property located in downtown Roanoke, Va. The property traded for $6.4 million after being purchased by an affiliate of Times Equities Inc.

Cushman & Wakefield | Thalhimer’s Capital Markets Group secured the sale of Franklin Plaza, an office building located in the heart of downtown Roanoke, Va. An affiliate of Time Equities Inc. purchased the property for $6.4 million.

“We look forward to implementing a fresh and innovative business plan to improve and re-position Franklin Plaza and return the building to being one of the best places to do business in Roanoke,” Max Pastor, director of acquisitions & senior counsel of Time Equities Inc., said in a prepared statement.

Upsides for new ownership

Located at 111 Franklin Road, the five-story 136,455-square-foot property is 50 percent occupied with a tenant list including The Commonwealth of Virginia, Union Bankshares, and BB&T Securities. The asset is well located in the central business district and has easy access to I-581 and various urban amenities.

“Franklin Plaza is a well-positioned office asset in Roanoke with significant upside for new ownership. Time Equities has a strong vision for the property and we look forward to working with them as we continue to market and lease this property,” Price Gutshall of Cushman & Wakefield’s Roanoke’s office brokerage group, said in prepared remarks.

Eric Robison, senior vice president of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Price Gutshall and Barry Ward of Thalhimer’s Roanoke office completed the sale.