1788/CAP 10 Leases 3,240 SF Building At 5511 Franconia Road In Alexandria To Bank Of America

4/22/19

Former Capital One Bank branch is among ten properties acquired last year by joint venture between 1788 Holdings, L.L.C. and former owner of the properties throughout local area

A wholly-owned subsidiary of 1788/CAP 10 Investments, LLC has executed a lease with Bank of America Corporation for the 3,240 square foot free-standing building located at 5511 Franconia Road in Alexandria, Virginia. Considered the second largest banking institution in the United States with more than 4,400 retail financial centers, Bank of America intends to open a new branch banking location at the site in the third quarter of 2019.Matt Locraft and Phil Ruxton of KLNB Retail represented the landlord in this lease transaction.

1788/CAP 10 Investments, LLC is a joint venture between an investment venture managed by 1788 Holdings, L.L.C., a Bethesda, Maryland-based real estate investment company, and M.R.S. Real Estate Investment Properties, LLC, the prior owner of the ten former Capital One Bank properties located throughout the metropolitan Washington, DC, suburban Maryland and Northern Virginia area and acquired by the Company in May 2018. This lease represents the first transaction completed by the Company, which was created to maximize the value of assets with strategic leasing,entitlement,and development activities.

Featuring unobstructed roadside visibility from Franconia Road, the building includes a drive-through lane and teller window and a free surface parking field on the .67 acre site.The Van Dorn Street Metro Station (Blue Line) is located less than one-half mile away and Interstate 495/95 can be accessed in approximately one mile. More than 19,000 vehicles pass the site on a daily basis from Franconia Roadand more than 60,000 people reside within a three-mile radius from the site with an average annual household income approaching $120,000.

“Financial institutions continue to rely on physical locations to further brand awareness, cater to individuals that prefer an in-branch experience, as well as to offer high-touch and personalized services,” stated Larry J. Goodwin, Principal, 1788 Holdings. “Banks are also increasingly leveraging new technology, resulting in a reimagined physical environment that emphasizes customer interaction and engagement. This highly-visible pad site provides the perfect opportunity for Bank of America to retro-fit the building, and add another strong presence in the Northern Virginia area to further increase market share.”

The Maryland properties owned by the Company include 7340 Westlake Terrace in Bethesda, 2801 University Boulevard in Kensington, 2315 Randolph Road in Silver Spring, 26001 Ridge Road in Damascus, 19610 Club House Road in Montgomery Village, 101 Sandstone Drive in Walkersville, 2059 Generals Highway in Annapolis and 4185 Altamont Place in White Plains. The Company also ones an additional Virginia property which is located at 4425 Fortuna Center Plaza in Dumfries.

“Bank of America seized the opportunity to lease this free-standing building situated in a market recognized for its challenging barriers to entry based on its supply-constrained characteristics,” explained Phil Ruxton of KLNB Retail. “We are targeting fast-casual restaurants, urgent care facilities, convenience stores with gas, multi-tenanted retail and additional financial institutions for the nine remaining sites and, upon conclusion of our leasing and sales program,intend to significantly optimize the value of each property.”

1788 Holdings, LLC is a Bethesda-based real estate investment company with a focus in the Washington, DC region. The company’s capabilities include the acquisition, development and strategic oversight of highly-differentiated residential, office, retail and industrial properties. For additional information, visit www.1788holdings.com

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