June 25, 2018 – Kyle Danielson, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Red Lobster in Columbia, Maryland. Horvath & Tremblay procured the buyer in the transaction to close the property at a sale price of $5,462,286, a 5.6% cap rate.
Red Lobster operates under a triple net lease with over 21 years of base term remaining. Attractive 2% annual rental increases are scheduled throughout the lease term and in the four, 5-year renewal options. The Property is situated on a large 2-acre parcel pad site that is well located at a signalized intersection to the Snowden Square Shopping Center, anchored by Home Depot, BJ’s, and Marshalls. Additional tenants in the shopping center include: PetSmart, Hobby Lobby, Verizon, DSW, Michaels, Staples, GoodWill, Bertucci’s, Ruby Tuesday and Boston Market. The highly visible Property has direct street frontage to the nearly 40,000 vehicles that pass the property daily.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.