Former PNC Bank building sells for $4.225M
ROCKFORD – A prime piece of commercial downtown real estate has recently changed hands.
According to Winnebago County records, owner John Taphorn sold the former PNC Bank building at 120 W. State St. for $4.225 million to Geneva Pacific Holdings, an LLC controlled by Rockford businessmen Joseph Hansberry, the CEO of a local automotive parts distributorship.
The sale was finalized Nov. 4.
Built in 1976, the building’s west side faces Wyman Street.
County records show the building’s fair market value as $2.229 million. Real estate taxes of $109,345.30 for the year 2018 are current.