Green Street LLC has purchased a Regions Bank building in Gainesville.

The group of private investors purchased the building at 111 Green St. for $1.5 million, according to Enota Associates’ real estate appraisal database.

According to Jim Walters, president of Walters Management Co. and a member of Green Street LLC, there are no immediate plans to change the name on the building.

“Regions will continue to lease a part of the building for a period of time, but we’re not sure of the time frame at this time,” Walters said.

The LLC was formed specifically to purchase the Regions building, Walters said.

The investment group plans to lease out portions of the building not being used by Regions.

“When we learned that the building was available, we saw an opportunity to put some office space into play that would be affordable in the downtown area,” Walters said. “The building lends itself more to professional folks — we think that’s the best use for it.”

In addition to the Green Street property, Regions has administrative offices on Jesse Jewell Parkway. The Green Street location is listed on the company’s website as its main local branch. The company has 14 other area locations, including on Dawsonville Highway and Thompson Bridge Road.