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WASHINGTON, DC-Mark Ein of Rollingwood LLC has acquired theoption to develop land at 1711 First St. SW, some two blockssouthwest of Nationals Stadium that is under construction. Theproperty is currently owned by a salvage yard, Super Salvage Inc.,one of the few, if not last, remaining such businesses inWashington, DC.

The deal has been structured to provide maximum flexibility toboth buyer and seller. The option amount was--according to industrysources--5.5% to 6% of the purchase price, which will be $16.1million. The terms include a three-to-nine-year window with fiveyears as the strike date--meaning if the buyer seeks to close onthe property before five years or after five years, it must payassociated penalties. The option price--between $900,000 to $1million--is non refundable, paid annually and not to be included inthe purchase price. Bidding for the property had started at $15million and the option price at $750,000, according to sources.