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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.
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.


