Want to buy a bank? For real estate investors, the question might be, want to buy a prominent crossroads property with redevelopment potential? The property at 10707 Connecticut Avenue in Kensington currently leased by Capital One bank is now for sale for $3,500,000.
Capital One has eight years and two months remaining on its lease. There are some lease extension options - two 10-year options, and one 5-year, according to the brochure prepared by Berkshire Hathaway HomeServices PenFed Realty.
Obviously, you have location, location, location at this site, which is passed by thousands of commuters in the Connecticut Avenue and University Boulevard corridors twice daily. It is only 0.4 miles from the Kensington MARC station. The 2012 Kensington sector plan recommends a maximum building height of 45' at this location.
As a Cap One client and sometime user of this branch I find this news disheartening. I am a dinosaur who still goes to the bank to do my banking. Cap One is very adept at closing branches. So I’m sure this Kensington branch will soon join its brethren in Four Corners and Kemp Mill and the other Kensington branch as just a memory.
ReplyDeleteMaybe I’m missing something, but from a real estate perspective this site doesn’t seem all that great to me. The only direct access is from Northbound Connecticut Ave. and from the side street Metropolitan Ave. If I were Sandy Spring Bank, I’d strongly look at this spot, as their footprint is lacking in the Kensington/Wheaton part of the county IMHO.
The place is horrible to get to during the morning commute. Using near by side streets is forbidden and waiting to do a U-y takes forever.
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