Frederick, Md.-based development firm Matan Companies sold its commercial property located at 1369 New York Avenue, NE in Washington, D.C. to the Douglas Development Corp.
The fully renovated, 24,000 square foot commercial building was sold on January 15th. The property is located in the District’s Ivy City neighborhood, which is a long established commercial/industrial district along Washington’s major east/west commercial thoroughfare, New York Avenue, and is located just one mile north of the rapidly transforming NoMa neighborhood.
1369 New York Avenue, purchased vacant in February 2014, sold fully leased after a substantial renovation. The warehouse is now home to the Union Kitchen, a food incubator, who occupies 17,000 square feet, and Republic Restoratives, D.C.’s first woman-owned distillery, who occupies the remaining 7,000 square feet.
“The acquisition of 1369 New York Avenue was a good example of recognizing an undervalued asset in a transitioning neighborhood and investing renovation dollars in anticipation of leasing to cutting edge tenants,” said Dan Milligan, Finance Manager for Matan Companies. “After renovation, complete lease-up and garnering wide interest from buyers, Matan decided the time was right for its investors to sell the asset.”