KLNB Brokers $5.5 Million Sale of Red Lobster in Snowden Square Shopping Center in Columbia, MD
Washington, D.C. – KLNB, the multi-service commercial real estate brokerage, announced the sale of 9011 Snowden Square Drive, an 8,670 square-foot Red Lobster in Columbia, Maryland. The property closed at the end of June for approximately $5.5 million to a private 1031 buyer. David Weber & Kenneth Tamres of KLNB’s Retail Investment Sales team represented the owner/seller of the property.
“We see evidence through this deal that even with the recent rise in interest rates, there is still strong investor demand, most predominantly from the 1031 buyer market, for well-located quality NNN assets,” said David Weber, Senior Vice President at KLNB.
Situated at the entrance of Snowden Square Shopping Center, the property boasts average daily traffic counts exceeding 36,000 cars and has excellent visibility with it’s front entrance position. This location also presents easy access to I-95, and has a high daytime population of 175,500 people within a 5 mile radius. Other restaurants in the center include Bertucci’s, Ruby Tuesday and Boston Market. Directly behind the property are several big box retaiers including, Bed Bath & Beyond, Marshall’s, The Home Depot and Home Goods.
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region, now celebrating its 50th year in business. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management and financing. 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com