For Sale: NationsBank on square

The NationsBank building on Park Central Square is one of 46 properties in four states the North Carolina bank has put up for sale.

Spokeswoman Kelly Polonus said NationsBank is not abandoning those locations, only selling the buildings and leasing back the space.

"We're not in the real estate business, we're in the bank business," Polonus said, adding that the sales free up capital for NationsBank.

The 46 properties are in Missouri, Arkansas, Iowa and Kansas. Polonus said buyers have been sought since early fall 1997, with the Park Central location up for sale since mid-fall. Other properties in southwest Missouri, including West Plains, are part of the buildings for sale, Polonus said.

About 75 percent of NationsBank properties are leased, Polonus said. She said the properties will be sold together, as part of a portfolio, or individually, on a case-by-case basis.

The amount of space available in each bank was a factor in deciding what to put up for sale, Polonus said. If bank operations leave room for other leasing, those buildings were often candidates, she said.

Asking prices for the properties were not available.