B&B Realty Purchases NoMa Warehouse
Washington, D.C., February 8, 2011 – Private sector interest in NoMa continues to increase as B&B Realty Investments purchased 50 Florida Avenue, NE, a 62,000 SF warehouse. B&B Realty’s acquisition closely follows Skanska’s purchase of the Capitol Plaza II and III development site at First and M Streets, NE, last month.
B&B Realty purchased the warehouse, located two blocks from the New York Avenue Metro Station, with plans to redevelop the site. The purchase signifies new interest in the northern portion of NoMa, which until now has remained relatively quiet on the development front.
“We are thrilled to be a part of the NoMa transformation, and plan to bring a significant first-class project to market as we redevelop the site in the near future,” says Rick Brown of B&B Realty. The group is still finalizing their plans for the future use of the property.
The property will continue to operate as a warehouse and storage facility until further plans have been solidified for the site.
NoMa is a vibrant, growing neighborhood north of Union Station and the U.S. Capitol in Washington, D.C. In the last five years, private developers have invested more than $3 billion in the 35-block area covered by the NoMa BID, and have plans to develop more than 20 million square feet of office, residential, hotel, and retail space. In 2010, more than 5,000 people moved into NoMa to live or work; and eight new retailers opened for business. NoMa has 15 modes of transportation, including two Red Line Metro stops, and the best biking facilities in DC, with the only East Coast Bikestation, the 8-mile Met Branch Trail, and six Capital Bikeshare stations. For more information about NoMa, visit nomabid.wpengine.com and sign up for our bimonthly newsletter.