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Downtown building for sale

Kenny Kemp
The commercial building at the corner of Lee and Hale streets is for sale, according to a sign hung on the wall Friday.

CHARLESTON, W.Va. -- One of Charleston's most handsome commercial buildings, with marble walls and huge plate-glass windows, is on the market.

Titled the Payne Building, but better known as the home of Galperin Jewerly Company and Ivor's on Lee, the slender three-story structure at Lee and Hale streets officially went on sale Friday morning.

But its owners have been quietly offering it for months, said Pat McGivern, president of Real Estate Resources, Inc.

"It's a unique structure, not very large -- around 9,000 square feet," McGivern said. "It's fully occupied. Retail on the ground floor, the upper stories a mixture of typical office use and a Pilates instructor on the second floor. It's high-profile.

"The owners have elected to sell the building. Both are retired or about to retire and elected to dispose it. They've owned it since the mid-'80s," McGivern said. We've been doing it semi-silently over the past few months to investors who were aware of the availability."

McGivern would not identify the owners. The asking price is $700,000, he said.

"It's not a situation where they have to sell it. The price is set for a person who would like to own a unique piece of property in downtown Charleston, rather than an investment."

Though attractive on the outside and well kept, according to McGivern, the late-1920s building might need some interior work.

"It's a Class B or high Class C property," he said. "It's a walk-up, no elevator. There's space set aside for an elevator. It's maintained well, good HVAC systems."

For information, call 304-345-9348 or see www.reriwv.com.Reach Jim Balow at balow@wvgazette.com or 304-348-5102.


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