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I wasn't able to attend* today's foreclosure sale of 100 M Street, but word filtered to me early this afternoon that the 220,000-square-foot office building was picked up for a cool $57 million by Northwood Investors, a real estate investment management firm based in New York City. I've been told (and I'm trying to confirm) that Northwood had bought the original loan/note from Bank of America, and then had the high bid today against one other bidder, whose identity I don't know.|
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* The commission voted 7-0 to support Forest City's zoning requests for its Parcel D project, the combination residential and retail (and grocery store) development on the southeast corner of 4th and M, SE. I wrote about it in detail a few weeks back, and you can see my Parcel D project page for renderings and additional information, but the short of it is it's a 220ish-unit residential building (with 20 percent affordable housing), a 50,000-square-foot grocery store, and an expected 24,000-square-foot fitness/spa company. |
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A few weeks ago I wrote about the purchase of the "Miles Glass" site on the southwest corner of 8th and Virginia by the National Community Church, the "theater church" group that's also behind the rehabbed Ebenezers Coffeehouse near Union Station. Now, in a post on his blog, NCC leader Mark Batterson says that he has "just locked in another contract on an empty lot that abuts 733 Virginia Avenue, SE." |
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While normal people have spent their weekend recreating and taking it easy, I've been trying to find out more about the just-announced foreclosure sale of 100 M, the 220,000-square-foot office building that has been tied up in Opus East's Chapter 7 liquidation. |
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[Great--big news at 5 pm on Friday. Hope somebody actually reads this] On Sept. 21, a notice of foreclosure sale was filed for 100 M Street SE, the 220,000-square-foot office building built by Opus East and completed in late 2008. A few months later, Opus became the biggest Near Southeast casualty of the recession, filing for Chapter 7 liquidation and leaving their 440,000-square-foot office project at 1015 Half St. unfinished. While 1015 Half was soon picked up by the Douglas Wilson Companies and is now being completed, 100 M has remained at sea, despite a rumor a year ago (quickly shot down) that Mayfield Gentry was buying it for $80 million.|
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