M&T Bank Property Commands More Than $4 Million

A property at Annapolis Road and Blair Drive in Odenton that includes a M&T Bank Branch has been sold for $4.025 million to a Manhattan investor, Citybiz Real Estate reported.

Citybiz said the unnamed buyer from New York paid all cash for the land. Odenton Town Center Rock LLC was the listed seller.

The bank, which has a long-term lease at the property, will remain open.

Investment specialists Marcus & Millichap in Philadelphia handled the transaction and reported that there were eight offers for the property. The buyer offered a 6.61 capitalization rate, meaning that the property brings in an estimated $266,052 in annual revenue.