WASHINGTON, DC-Matan Cos. has acquired a 23,265-square foot, two-story industrial building at 1369 New York Ave., NE. It is purchasing the property through its Matan Fund IV, a $100 million pool of equity the company closed last year that it is investing in multifamily development, government build-to-suit and one third will be in suburban office market acquisitions. It also acquired a four-asset suburban office portfolio via the fund earlier this year.

Constructed in the 1950s, 1369 New York Ave., NE, is located in the Ivy City submarket, a commercial/industrial corridor along New York Avenue and one mile north of the NoMa neighborhood.

Matan Fund IV is planning a $1 million renovation to the property over the next six months to prepare the fully leased property for two new, long-term tenants.

Union Kitchen, a food incubator that provides full-service commercial kitchen space for local, community-based food businesses is the property's main tenant. Both tenants are expected to be in full occupancy by Fall 2014.

The area at large is also rejuvenating, says Dan Milligan, finance manager for the Matan Cos., in a prepared statement, pointing to a Mom's Organic Market opening this fall, as well as a parking structure under construction and the expected residential and retail uses in the warehouse.