The 50-year-old Pepco building at 929 E St. NW is under contract to be purchased for about $13.3 million.
C. Duke Branock Inc. announced the contract on the 154-square-foot building on a 21,875-foot site for an undisclosed principal.However, Alan Kay, a partner in Rozansky & Kay, the seller, said that a contingency remains to be settled in the contract that involves the American Medical Association as the eventual purchaser. Brooks, Harvey represents the sellers.
The AMA, based in Chicago, currently has a large Washington building being completed at the corner bounded by Vermont Avenue, L and 14th streets NW.
Plans for the nine-story building created for Potomac Electric & Power Co. in 1931 are reported to include modernization. The University of D.C. is the tenant.
In January, a group including Carl Gewirz and Albert Small sold the same Pepco building to Rozansky-Kay for about $10 million. The building is located just north of the J. Edgar Hoover FBI building and is in an area where considerable redevelopment is taking place.
On Northern Virginia's oft-criticized Rte. 1 corridor of overwhelming commercial plastic and neon, the 15-year-old Woodlawn Shopping Center at 8700 Richmond Hwy. is getting a $1 million facelift that includes razing an old building that shielded the strip center from the road. Providence Savings & Loan Association, one of the tenants, owns the shopping strip for which Coldwell Banker is the leasing agent. Relatively small amounts of both commercial and office space are available in a range from $3 to $10 a square foot. The renovation and relandscaping is expected to be completed by September.
MAKRO, a subsidiary of a Dutch conglomerate (SHV Holdings) has purchased a 23-acre tract for a wholesale distribution facility near Atlanta. Shannon & Luchs represented MAKRO in the purchase. Not open to the public, the existing MAKRO centers in Prince George's County and Philadelphia sell food, beverages and appliances to retailers under a "passport" arrangement.
Group Health Association has leased 10,830 square feet in the new YMCA building at 624 9th St. NW through Shannon & Luchs. Other new tenants in that building are the Center for Environmental Education Inc. and Lawyers Cooperative Publishing Co.
Wintergreen Plaza, a 145,000-square-foot retail and restaurant complex on Rockville Pike, is nearly finished, according to Baier Properties Inc. Tenants will include Grand Union, Chi Chi's Mexican Dinner House and Dash's Designer Clothing. A September opening is planned for the $20-million complex that already has four commercial tenants
Weaver Bros. Inc. has been named leasing manager for Montgomery Village Professional Center, which includes eight buildings with a total of 72,000 square feet of space. Kettler Brothers Inc., the developer of the new town Montgomery Village, has a general partnership interest in the professional center buildings.
IBM's Federal Systems Division has moved to a new building developed by Spaulding & Slye Corp. at 6600 Rockledge Drive in the Rock Spring development north of Democracy Boulevard in Bethesda. FSD Occupies all of the 168,000 square feet, having moved from nearby Fernwood Road. FSD designs and develops aerospace, shipboard and land-based information systems for the federal government.