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After lenders foreclosed in December on the 450k SF Phase 1 of Republic Properties' Portals development in Southwest DC, the property has been sold at an auction.
The note holder at the foreclosure auction paid $84M for the property at 1250 Maryland Ave SW, which is assessed at $270M, the Washington Business Journal reports.
The eight-story office building is about 65% leased to two federal agencies and a healthcare firm. For now, it will be transferred to a new property manager to oversee the building's operations, but it will likely be marketed for sale again at some point.
Portals 1 was the first phase of Republic Properties' 1.5M SF mixed-use project. The owner had an outstanding balance of $162.3M when it was foreclosed on in December. [WBJ]
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