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An affiliate of the Ronald D. Paul Cos. has sold the Exxon station at 1 Florida Ave. NE to the owner of an adjoining property, who is expected to redevelop its assemblage into apartments over retail.
One Florida Acquisition LLC, an affiliate of Aria Development Group, paid $25.5 million for the 25,000-square-foot station property at the corner of Florida Avenue and North Capitol Street NE. The Ronald D. Paul Cos. had previously planned to redevelop the lot as a 230,000-square-foot apartment building over 7,500 square feet of retail, according to the NoMa Business Improvement District.
Ron Paul, the company’s president, declined to comment.