WASHINGTON, DC-The Willco Cos. has little choice but to adopt a buy-and-hold strategy for its newly-acquired site at 1345 New York Ave., NE. The property, a 3.13-acre, or 136,290-square foot site that is zoned for up to 545,000 square feet of commercial real estate development, will be leased by the District of Columbia until 2018 or possibly longer. Currently, the city parks its school buses there.
That time line does not dismay CEO Jason Goldbatt. "We are long-term believers in the submarket and this spot in particular," he tells GlobeSt.com. "There are 80,000 plus cars that pass it every day. This is an underutilized site in terms of development potential."
We'll be discussing 1345 New York Ave.'s long-term potential with the broker who helped close the sale later day, so please come back. We'll also be taking a look at other potential projects in the area.
Willco has had an active few weeks. Along with this site, which traded from Greyhound Lines for $8 million, Willco is planning to build a multifamily project in Silver Spring, as we reported last week.
Willco Cos. just received site plan approval for a multifamily project for the corner of Georgia Ave. and Colesville Road. It will be a 292-unit class A multifamily—and the first privately funded workforce housing project in Montgomery County.
Construction is tentatively scheduled to start in the fourth quarter of 2013 and it will deliver roughly in 2015.
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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.
