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Rollingwood Closes Land Deal in SW

WASHINGTON, DC-The option amount was 5.5% to 6% of the purchase price, which will be $16.1 million.

By Erika Morphy | Updated on September 01, 2006

(To read more on the industrial market, click here.)

WASHINGTON, DC-Mark Ein of Rollingwood LLC has acquired the option to develop land at 1711 First St. SW, some two blocks southwest of Nationals Stadium that is under construction. The property is currently owned by a salvage yard, Super Salvage Inc., one of the few, if not last, remaining such businesses in Washington, DC.

The deal has been structured to provide maximum flexibility to both buyer and seller. The option amount was–according to industry sources–5.5% to 6% of the purchase price, which will be $16.1 million. The terms include a three-to-nine-year window with five years as the strike date–meaning if the buyer seeks to close on the property before five years or after five years, it must pay associated penalties. The option price–between $900,000 to $1 million–is non refundable, paid annually and not to be included in the purchase price. Bidding for the property had started at $15 million and the option price at $750,000, according to sources.

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