To clarify a story in yesterday's Business & Finance section, the BP gas-station site at Connecticut Avenue and Albemarle Street NW has been sold to Elliott Burka and Alan Landau, who plan to develop a 54-unit condominium apartment building. Another BP gas-station site at Wisconsin Avenue and Albermarle Street NW is the one purchased by a group including Hessick Investment Corp. and a Shannon & Luchs' investment and offices at the location.
Three unrelated District real estate transactions involving five key properties and more than $13 million were reported yesterday.
The Spring Valley Shopping Center, a recently upgraded commercial facility in Northwest, has been sold for $1.5 million to a local group that includes several executives of the Shannon & Luchs Co.
Western Development has purchased two large buildings in the 1300 block of H St. NW for a total of $10 million. The building at 1321 H St. formerly was the home of The Times Herald newspaper.
BP Oil Co. sold two former gas station sites, one at Jennifer St. and Wisconsin Ave. NW and another at Connecticut Ave. and Albemarle St. NW, for a total of $2.2 million to two different groups of local investors. Both are expected to develop the properties for other uses.
Arthur Benjamin, a commercial sale agent with Shannon & Luchs, said the 40,000-foot Spring Valley Shopping Center was purchased from a trusteeship by a group that includes Benjamin, Foster Shannon, Kenneth Luchs, Don Hurst, and Frank Quinn of the realty firm; the Hessick Investment Corp.; and an out-of-town investor.
The shopping center, located just inside the District line near Yuma St., is in an area that recently saw a moderately high office building developed on the nearby site of the former Apex Theater. The shopping center includes a Peoples Drug Store, a branch of Madison National Bank and the widely known Wagshal's cafeteria and liquor store. A Garfinckel's store is located across the street.
The BP gas station site at Connecticut and Albemarle has 13,500 square feet and, according to Benjamin, has been acquired for $1.2 million by a Shannon-Luchs investment group and Hessick Investment Corp. as the site for a facility that will include a restaurant with some office-town houses above it.
J. B. Rains of BP Oil in Philadelphia said the Wisconsin-Jenifer site was sold to the Landau-Burka group, which is expected to redevelop the 10,300-square-foot property that brought $1 million. Rains emphasized that both BP property purchaes had been solicited by buyers. Both sites are near future Metro stations. The average price of both gas station sites is about $100 a square foot.
Patrice Kahane of Western Development confirmed that WD heads a group that recently bought the buildings at 1321 and 1331 H St. NW for $5 million each. She said the University of the District of Columbia is now the principal tenant in the 60-year-old, six-story former Times-Herald building at 1321 H St. It has 122,536 square feet of office space on a site of 13,176 square feet.
Next door, the 12-story building at 1331 H has 86,000 square feet of space.