(Read more on the industrial market.)

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WASHINGTON, DC-Patriot Equities has acquired the landmarkHecht's multi-building warehouse center downtown, which it plans toredevelop into a mixed-use project called Patriot Yards that couldeither emphasis retail or office/flex and industrial use. Wayne,PA-based Patriot acquired the 775,000-sf warehouse from Macy's Inc.for an undisclosed price.

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Located at 1401 New York Ave. on 15.5-acres--making it one ofthe largest private sector land transfers in the District in a longtime--the location is ideal for a number of uses, company presidentand CEO Erik E. Kolar tells GlobeSt.com. "We are pursuing varioususes," he says.

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One possibility is an office/flex/industrial mixed-use project.If Patriot opts for this avenue development costs could rangebetween $125 million to $150 million, he says.

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Another use--one that the local economic development communityand other retailers are strongly endorsing--is a retail-based mixedproject. Development costs for this scenario would likely top $300million, Kolar says. Other scenarios would be some combination ofseveral uses.

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One thing is certain though: the focal point of theredevelopment would be the primary warehouse. Kolar says he willhave a better idea of the end concept by Q1 2008.

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All told, the warehouse development has 100 plus dock doors,extensive trailer storage and internal and external truck courtsthat provide loading accessibility throughout the city. Built atthe height of the Art Deco movement in the District, severaladditions have been made to the building over the decades. In 1948,for instance, a build out extended the original 1937 structure tothe south lot line on Okie St. This was followed by two 1961additions--a four-story and a one-story addition. In 1986 a onestory concrete block building was developed. Finally, in 1994, atwo-story addition was constructed on the northeast corner of theproperty. In 1992, the building underwent a $10 millionrestoration.

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