Developers Look To Reposition 10 Former Capital One Branches In D.C. Suburbs
The owner of 10 former Capital One Bank branches in suburban Maryland and Virginia has brought on a development partner to reposition the properties, with a variety of uses in mind.
M.R.S. Real Estate Investment Properties, the owner, entered into a joint venture with Bethesda-based 1788 Holdings to release or redevelop the 10 properties. KLNB's Phil Ruxton and Matt Locraft arranged the JV and will lease the properties.
Capital One closed the 10 branches over the last decade as the McLean-based bank evaluated its real estate assets following its 2008 acquisition of Chevy Chase Bank. The Maryland properties are in Bethesda, Kensington, Silver Spring, Damascus, Montgomery Village, Walkersville, Annapolis and White Plains, and the Virginia sites are in Alexandria and Dumfries.
“This portfolio presents an extremely rare opportunity to market high-quality pad sites in a flexible manner where we can optimize the value of any given site by taking a development-friendly approach to the leasing efforts," 1788 principal Larry Goodwin said in a release.
The team expects to draw a variety of users to the properties, including fast-casual restaurants, urgent care facilities, convenience stores and financial institutions, Ruxton said.