With locations positioned throughout the greater Washington, DC area, in suburban MD and Northern Virginia, the partnership intends to maximize the value of assets with strategic leasing and development activities
1788 Holdings, LLC, a Bethesda, Maryland-based real estate investment company, has announced that it has entered into a joint venture with the owner of ten former Capital One Bank properties located in the Washington, DC area, comprised of eight bank branches and two land parcels. The assets are positioned throughout suburban Maryland and Northern Virginia. Phil Ruxton and Matt Locraft of KLNB introduced the parties and have also been selected as the exclusive landlord leasing representatives for this assignment.
“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. These assets are proving to have a broad appeal to a wide variety of user types given that they are surrounded by consumer demographics that are among the highest in the country,” stated Larry J. Goodwin, Principal, 1788 Holdings.
The properties in Maryland are located at 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 Virginia properties are located at 5511 Franconia Road in Alexandria and 4425 Fortuna Center Plaza in Dumfries.
“Our team brings in-depth familiarity of the unmet merchandising needs of the surrounding neighborhoods and couples it with full-service development, construction and lease negotiation acumen,” Goodwin added.
“At the conclusion of this program, we expect to attract a diverse array of users to these sites ranging from fast-casual restaurants and urgent care facilities to convenience stores with gas, multi-tenanted retail and financial institutions,” stated Phil Ruxton of KLNB. “The sites are located in supply-constrained markets, such as Annapolis and Bethesda. Additionally, half of the properties are situated in Montgomery County which is recognized for its difficult barriers to entry for new and expanding retailers. The availability to improve the uses in these strategically-positioned locations is extraordinary in the Mid-Atlantic region.”
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
