INDUSTRIAL REAL ESTATE
MRP Realty completed the sale of the last 1.1-million-square-foot piece of its 19-building Northern Va. Industrial portfolio for $143.3 million. The Northern Virginia Industrial Park in Newington and the Fullerton Industrial Park in Springfield include 19 parcels over 1,055,949 square feet. The buyer was not disclosed. Read more at the Washington Business Journal.
According to data compiled by RENTCafe.com, D.C. ranked fourth in the list of top five slowest growing rents among large cities with a 0.2 percent increase year-over-year versus the national average of 2 percent. The statistics were compiled from data in more than 120 markets and based on actual rents charged in market-rated apartment communities of 50 units and larger. Read more at Curbed Washington DC.
The Meridian Group announced plans to begin renovate a 175,000-square-foot office building at 1400 L St. NW in D.C.’s central business district. The property, which Merdian bought in 2016 will be re-branded The Aleck and include an indoor/outdoor terrace on the third floor, a two-story lobby and a 5,300-square-foot fitness center. Read more at BisNow.