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A few interesting property transactions over the past few months:
- The District bought a cluster of parking lots on Okie Street NE from Patriot Equities, the company that tried and failed to develop the Hechts Warehouse right nearby, for $16,750,000. All the Department of General Services could tell me is that they’ll be used to consolidate multiple Department of Public Works functions.
- The former home of Melody Records at 1623 Connecticut Avenue NW, which store owner Jack Menase bought in 1988 for a price that’s not disclosed in property records, traded to longtime Dupont landlord Michael Kain for $6 million. All three floors are listed for lease as a restaurant/retail space.
- Eastbanc, which had the big office building over the U Street Metro station under contract back in January, closed the deal for $18,826,706 on April 5. The previous owner bought it back in 2002 for $1.16 million and soon built bland offices, which are currently occupied by District agencies—-don’t expect any of Anthony Lanier‘s magic there soon.
SPECIAL BONUS NEWSBIT! Douglas Development owns properties in places you didn’t even realize exist! They’d planned on building two 38-unit buildings next to each other on Willow and Maple Streets NW in Takoma back in 2007, but haven’t managed to get the financing, so they’re asking for another two-year extension. Douglas’ Paul Millstein says they “think the timing is great”—-sure are a lot of other things in the works up there—-and just have to find some money.
