Block & Company represents new ownership group and brokers Red Lobster sale-leaseback transaction at the Plaza at Speedway

September 29, 2014

Block & Company, Inc., Realtors recently brokered a long-term net lease sale-leaseback transaction for the Red Lobster restaurant in The Plaza at Speedway located at 10700 Parallel Parkway in Kansas City, Kansas.

A group of local investors, assembled by Block & Company, Inc., Realtors Net Lease Group, purchased the Red Lobster property with an operating 7,028 square foot freestanding restaurant pad building on a leaseback transaction. David M. Block of Block & Company, Inc., Realtors negotiated this transaction, as well as the original land sale to Red Lobster/Darden Restaurants, Inc.

Red Lobster opened March 2011 in the 850,000 square foot retail power shopping center located at I-435 & Parallel Parkway in western Kansas City, Kansas. Other Plaza at the Speedway tenants include Walmart Supercenter, Sam's Club, Kohl's, Taco Bell, Olive Garden, Red Lobster, Chick-fil-A, Jack in the Box, Wendy's, Logan's Roadhouse, and many others

The Plaza at the Speedway development is located in the epicenter of a major tourism district surrounded by numerous attractions such as the NASCAR Kansas Speedway, Kansas City T-Bones Baseball Park, Cabela's, Nebraska Furniture Mart, The Legends Kansas City Outlets, Hollywood Casino, The Great Wolf Lodge, and Schlitterbahn Vacation Village. The multi-state pull of these dynamic retail and entertainment concepts attracts more than 14 million visitors annually from as far as 250 miles away.

According to David M. Block, anchor space, pad sites, and small shop space are still available in the Plaza at the Speedway development. Block & Company, Inc., Realtors are the leasing/development agents and construction managers for the Plaza at the Speedway development.