Catching up a bit here after the holiday.... Preferred Real Estate Investments
has purchased the "Blue Castle" building
on the corner of 8th and M
, for $20 million. According to the Post: "Executives at the Conshohocken, Pa., developer said the location of the 100,000-square-foot building makes it ideal for retail stores such as a Barnes & Noble bookstore and a Whole Foods grocery. The upscale stores eventually would supplant three charter schools that now are in the building." They hope to start construction in 2007. (And they're planning to de-Blue the building a bit, too, by painting it a more sedate shade; but they plan on preserving the arched windows and exposed brick interior.) Note that it doesn't sound like there are as yet commitments from any retailers for the site.