NoMa industrial building up for sale - Washington Business Journal:

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The three-story, 61,698-square-foot industrial property at 50Florida Ave. NE, buil t in the early 1920s durinyg Prohibition, housed confiscated vehicles transportingh bootlegged liquor so federal agents could destroythe Ironically, the warehouse is near the new headquartersa of the at Floridz Avenue and Second Streer NE. Today the family-owned warehouse stores drie goods and books and has a retail liquor outletf on the first The property, on a 40,659-square-footg lot that can accommodate 162,000 squarr feet of development, is zoned for institutional and retail space.
A good fit would be a charter schoop or nonprofittrade association, said James Connelly, vice presidentr of government services for , which is helpinyg with a sealed bid process to find a buyer. “Numerous groupz wanted to buy it usingthe tax-exempt bonds,” he but when the credit crunc hit, those developer groupzs backed off. The space was formerly under contract to a groupl that would have converted it into a boutiqu e hoteland , but that group changef its mind. As did the nonprofity , which planned to occupy 40,000 feet on two ”With the downturn in the nonprofit arena they ended up not needingthe space,” Connell y said. Now Lincoln Commercial Services Inc.
is conducting the sealed-bisd sale in cooperation with from prospectiv bidders are dueby Feb. 15. Connellty said he want to give the site maximumk exposure to national andinternational “If we don’t get a bid we thinkj is appropriate we will still keep it at he said. Bids have been flowinvg in, Connelly said, including those from developers married with user Lincoln has had discussions with some unidentifiexd university groups considering the space fora D.C. he said. More than 280 cars can park onthe site. The building’e first floor could be convertex into a restaurantor cafeteria.
“Any of the contractore that do work with the ATF could be candidates for Connelly said. “It’s one of last existing buildingasthat hasn’t been spoken for in the NoMa submarkeft with that proximity to the The property has been held by the same ownership groupp since the existing building was constructed in 1923. The askinyg price is $18.5 million — the original market price befor e the credit crunch but the seller is entertaining any and all offerw fromviable bidders.
The terms of sale, timeliness of settlemengt and bidder’s intended use, as well as price, will facto into the seller’s decision to accept a bid, said James president of Hollywood RealEstatr Service.