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First Union Sells South Carolina Building to Philadelphia Investor for $205 Per SF

CHARLESTON, SC-American Financial Resource Group of Philadelphia paid $13.3 million for First Union Center, a 10-year-old 65,000-sf structure in this city's historic district, according to the buyer's news release. Charleston is 200 miles south of Downtown Charlotte.

By Robert Anthony | Updated on February 16, 2001

CHARLESTON, SC-American Financial Resource Group of Philadelphia is the new owner of First Union Center, a 10-year-old, 65,000-sf building in this city’s historic district here, 200 miles south of Downtown Charlotte. The buyer paid First Union National Bank $13.3 million or $205 per sf for the asset, according a news release from American Financial, a real estate investment firm. The bank wanted $15 million.

First Union Center was constructed in 1991 for about what the investment group paid for it. The bank, which occupies only about half of the space in First Union Center, will remain in the building under a long-term lease, with American Financial taking over management.

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