{"id":41174,"date":"2025-01-13T07:06:11","date_gmt":"2025-01-13T04:06:11","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=41174"},"modified":"2025-01-10T12:17:16","modified_gmt":"2025-01-10T09:17:16","slug":"douglas-sells-3-dc-properties","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/douglas-sells-3-dc-properties\/","title":{"rendered":"Douglas Sells 3 DC Properties for a Combined $96 Million"},"content":{"rendered":"<p>Douglas Development recently sold a portfolio of three properties in the Washington, D.C. area to affiliates of American Armed Forces Mutual Aid Association for a combined $96.1 million.<\/p>\n<p>The transaction involved the former Pappas Tomato Factory building at\u00a01401 Okie St. NE, the historic\u00a0Equitable Co-Operative Building Association\u00a0property at\u00a0915 F St. NW and a 16-acre parcel near the\u00a0National Arboretum.<\/p>\n<p>The three-story property at 1401 Okie St. was originally owned by Peter and Phillip Pappas and acquired by Douglas Development in 2014 for $8.4 million. The company then redeveloped the former factory into a 94,000-square-foot retail space, which is now home to tenants such as Gravitas, Compass Coffee, Kick Axe Throwing D.C., Throw Social D.C. and Other Half Brewing. The property recently sold for $55.6 million.<\/p>\n<p>Also included in the sale is the historic Equitable Co-Operative Building at 915 F St. NW. This 10,668-square-foot, single-story building was constructed in 1911 and acquired by Douglas Development in 2011 for $5 million. Following redevelopment, the building now houses Knead Hospitality + Design\u2019s Succotash restaurant. The latest sale netted its former owner $10.3 million.<\/p>\n<p>Lastly, the portfolio includes a 16-acre parcel near the National Arboretum. Acquired by Douglas Development in 2017 for $66 million, this land was initially envisioned for a 1.5-million-square-foot, mixed-use development known as <a href=\"https:\/\/www.bizjournals.com\/washington\/news\/2017\/05\/11\/douglas-ties-up-the-newcitydc-triangle-for-66m.html\" target=\"_blank\" rel=\"nofollow noopener\">New City DC<\/a>. However, Douglas Development recently <a href=\"https:\/\/commercialobserver.com\/2024\/08\/douglas-default-dmv-portfolio-loan\/\" target=\"_blank\" rel=\"nofollow noopener\">submitted a rezoning application<\/a> to develop the site into a 186,000-square-foot property for light industrial and distribution uses with accessory office space on a portion of the land. A 99-year ground lease for 10 acres of this property, valued at $25.6 million, was also assigned to an entity connected to the developer.<\/p>\n<p>The year 2024 proved to be a year of mixed results for Douglas Development. While the company added 701 Eighth St. NW \u2014 a 138,000-square-foot office building in Washington, D.C. \u2014 to its portfolio for a relatively modest $34.3 million from an affiliate of Voya Investment Management, it also defaulted on a $51.6 million commercial mortgage-backed securities loan on a 14-property portfolio across the D.C. market. This default followed the successful securing of a $36 million refinancing package from the Bank of Montreal for one of its office towers in Delaware in November.<\/p>\n<p><em>Looking to\u00a0<\/em><a href=\"https:\/\/www.commercialcafe.com\/retail\/us\/dc\/\" target=\"_blank\" rel=\"noopener\"><em>lease retail space in Washington, D.C.<\/em><\/a><em>\u00a0or other thriving markets in the region? Visit the\u00a0<\/em><a href=\"https:\/\/www.commercialcafe.com\/\" target=\"_blank\" rel=\"noopener\"><em>CommercialCafe.com<\/em><\/a><em>\u00a0homepage to start your search!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction involved the former Pappas Tomato Factory building at\u00a01401 Okie St. NE, the historic\u00a0Equitable Co-Operative Building Association\u00a0property at\u00a0915 F St. NW and a 16-acre parcel near the\u00a0National Arboretum.\u00a0<\/p>\n","protected":false},"author":56,"featured_media":41175,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,4014,40],"tags":[],"class_list":["post-41174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-retail","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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