Neighbor News
KLNB Selected for Disposition of CVS Pharmacy in Rockville
Peter Snell, Founder of KLNB's Single Tenant Net Lease Group, Represents Seller in the $7M Listing
Washington, D.C. – KLNB, the multi-service commercial real estate brokerage, announced today its selection as the exclusive agent to handle the disposition of a retail property located at 17651 Redland Road in Rockville, Md. The free-standing property will be the new home to CVS Pharmacy, which is moving from an in-line location to this larger, newly constructed freestanding location with a drive-thru. Listed at $7 million, the property includes a 25-year absolute net ground lease with CVS Pharmacy. Peter Snell, the founding partner in KLNB’s Single Tenant Net Lease Group, is representing the seller in listing the asset.
“Newly constructed single-tenant triple net opportunities in a prime location like the D.C. metro area are rare, especially with a tenant like CVS which generates such strong sales volume,” said Snell. “These low risk, high yield opportunities are especially attractive to private investors who recognize the value of a long term lease guarantee with stable and predictable cashflow.”
Situated at the signalized intersection of MD Route 115 and Redland Road, the property boasts average daily traffic counts exceeding 33,000 cars and an affluent Montgomery County demographic. As Maryland’s most populous county, Montgomery’s population is estimated at more than one million.
Find out what's happening in Rockvillefor free with the latest updates from Patch.
Construction of the 9,965 SF building is in progress and set for completion in late June 2018. The lease is backed by a corporate guarantee by CVS Health Corporation (NYSE: CVS). CVS Pharmacy is the retail division of CVS Health and is America's leading retail pharmacy with over 9,800 locations.
For more information about the investment opportunity at 17651 Redland Road, please contact Peter Snell at (202) 420-7761 or psnell@klnb.com.
Find out what's happening in Rockvillefor free with the latest updates from Patch.
About KLNB
KLNB is a dominant provider of commercial real estate services throughout the mid-Atlantic region. 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 services. 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com
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