WASHINGTON, DC—Douglas Development Corp. continues to build out the Hechts Warehouse District complex with the addition of another parcel: it has purchased the 90,000-square foot, two-level home of Pete Pappas and Sons at 1401 Okie St., NE. The property is one block off New York Avenue and directly across the street from the Hechts building. The sales price was $8.4 million.
Douglas Development plans to integrate the property into its mixed-use redevelopment of the Hechts project and the New City District.
Pappas will relocate to a 120,000 square foot facility in Jessup, MD.
CBRE Senior Vice President Mark Mallus brokered the transaction.
The six-story Hechts warehouse was originally built in 1937 and expanded in 1948. Douglas Development purchased the building in 2011 and is currently redeveloping the property into a mixed-use retail and residential complex. Construction has also began on a new seven story adjacent garage with 900 parking spaces.
Once complete the Hechts Warehouse District will offer 463,648 square feet of rentable space, 250,000 of which will be retail and restaurant space. There will also be 300 residential units.
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