3,900-SF Bank Branch Sells for $1,092 Per SF

CHARLOTTE-First Citizens Bank & Trust of Raleigh, NC has bought locally-based First Union National Bank’s SouthPark branch in what may be the highest per-sf real estate transaction ever recorded in North Carolina, according to county property records. First Citizens paid $4.26 million or $1,092 per sf for the 30-year-old, 3,900-sf branch.

First Union maintains the purchase price covers the branch’s real estate and not the branch’s assets and deposits which are not being sold. First Citizens declined comment. First Citizens rents space for a SouthPark branch of its own at 6201 Fairview Road, not far from the building it has bought. The bank has 20 branches in Charlotte and owns several of the properties, including its main branch at 128 South Tryon Street.