Trancas Ventures has made its next move on K Street. The developer purchased property at 10th and K streets from The Cordano Co. for $5.5 million. The property holds an empty Washington Mutual Bank branch and two other businesses.

Trancas plans to convert the bank’s second floor into offices and use the ground floor for a restaurant or other retail use. The site could also house a hotel.

The property developer already owns several K Street office buildings and has been negotiating for months to buy the Crest Theater. That sale was supposed to close last summer, but trouble determining a dollar value for the venue stalled negotiations.