Sale Watch: U Street, Melody Records, Patriot’s Parking Lots
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.