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Few Places Left for Industrial Business
"It's just a hassle trying to get around with all the development," said Reginald Gillis, a manager at Superior Concrete Materials Inc.
An Unsolicited Bid in Southeast
District-based developer Monument Realty put in an unsolicited bid to Washington Metropolitan Area Transit Authority to try to get control of roughly a half-acre at the corner of M and Half streets in Southeast Washington, near the new baseball stadium. The half-acre is worth about $14 million, or $80 per buildable square foot.
  Destin St. Charles, owner of D.S.C. Auto Repair in Northeast, has moved his shop before, from Ninth Street NW to make room for the new convention center. (Photos By Michael Robinson Chavez -- The Washington Post)
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The developer owns much of the land that surrounds the WMATA site, which is a parking lot. Monument Realty wants to move forward quickly to build on the site and improve the Navy Yard Metro stop there at the same time.
Closings
· ING Clarion of New York paid $14.4 million for the 45-room Morrison House Hotel in Old Town Alexandria. The company plans a $1.9 million renovation of guest rooms and the common area.
· Developer Fifield Cos. of Chicago paid $13.4 million for an almost eight-acre development site in the Dulles Corner office park in Herndon. Cassidy & Pinkard Colliers represented the seller, Penzance Properties.
· Boston Properties has started construction on the last spot of land at Reston Town Center. It is building South of Market, an 860,000-square-foot complex of office and retail. The developer recently signed a 50,000-square-foot lease with NII Holdings Inc., formerly known as Nextel International.
Dana Hedgpeth writes about commercial real estate and economic development. Her e-mail ishedgpethd@washpost.com.