F. Y. I.
Douglas makes another Northeast industrial buy
Jul 1, 2015, 2:56pm EDT UPDATED: Jul 1, 2015, 3:02pm EDT
Senior Staff Reporter- Washington Business Journal
Where does Douglas Development see D.C. headed? Look east.
The D.C.-based developer behind the Hecht Co. warehouse and Uline Arena overhauls has made still another acquisition, the A.M. Briggs building at 2130 Queens Chapel Road NE in the Langdon neighborhood. The 25,000-square-foot warehouse is currently occupied by A.M. Briggs and Sysco, a pair of restaurant food and supply businesses.
"We think it's a great industrial building and has a great opportunity long-term for alternative uses that would probably be a higher yield," said Norman Jemal, Douglas Development principal. "For now we don't plan on redeveloping it."
The building has an assessed value of $3.9 million, according to tax records.
That Sysco is a tenant explains why Douglas named the affiliate behind the buy "Jemal's Cisco Kid LLC." But Sysco won't be there for long: Per Jemal, it's winding down its operations now and will be out within 90 days.
In addition to the Hecht warehouse and Uline, Douglas also plans to redevelop a 15-acre triangular parcel bounded by New York Avenue, Montana Avenue and Bladensburg Road NE as NewCityDC. That site, once pegged for a Wal-Mart-anchored retail project, is now slated for 1.5 million square feet of mixed-use development.
"It has great access," Jemal said of the area. "The city has continued to move further east and this is definitely the eastern edge of the city. You look at investment alternatives, and it's certainly a very good alternative."
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