WASHINGTON, DC-Industrial and underdeveloped sites along the New York Ave. corridor are getting second and third looks by investors these days, in no small part due to the efforts of Mark Mallus, senior vice president at CBRE. Mallus brokered Willco Cos.' acquisition of a site on New York Ave. last week. He has another industrial property on the market at 1401 Okie St., a warehouse located across the street from the Hecht's warehouse building, running parallel to New York Ave.
It is a 90,000-square foot facility owned by the Pappas family that is being marketed for $10 million. "That is my next piece of the puzzle that I am putting together," he says, referring to New York Ave.'s rapid build up.
"We are talking to buyers now. This deal for Willco will be a winner for the company and so it will be for this property. It just takes a little vision but it will be a winner."
This warehouse is different from the Willco deal in that it is an operating warehouse that can be used by the next owner. The current owner, which runs its produce wholesale operations from the location, is moving to the suburbs, Mallus explains.
"In the long run it could be converted to a variety of uses, such as office or retail."
Mallus' vision for this neighborhood is something that would evolve into a "Tribeca kind of feel with industrial flavor but hip uses."
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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.
