I drove by the location yesterday and saw the big banner "Going Out of Business Sale" in front of Bob Peck Chevrolet dealership (Glebe Road and Wilson Boulevard) in Arlington. Bob Peck has been Arlington's landmark since 1939. It's a prime location property in Ballton-Rosslyn corridor. Apparently, JBG Cos., based in Bethesda, MD, bought the land and the property from the dealership, according to Washington BizJournal.
The Chevy Chase-based developer, which has revamped neighboring properties on Glebe Road, is reportedly planning a mixed-use development on the 2.3-acre site.
Real estate taxes on the property were too much for the car dealership's bottom line, says Don Peck, whose father founded the business. The property, currently assessed at $6.1 million, has nearly doubled in value in the past 10 years.
JBG paid $20.1 million for the site in January.
Not bad for an offer, huh?
* A Landmark Gives Way to Glebe Road Revitalization [Washington BizJournal]