(Read more on the industrial market.)
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.
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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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
