FCPT Announces Acquisition of First Tranche (Five Properties) of Brookfield Transaction for $10.1 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 26, 2019--
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of five properties for $10.1 million from the Brookfield Properties transaction previously announced on October 2, 2019. The properties are located in Iowa within a highly trafficked retail corridor. The tranche includes Discount Tire and Holiday Inn Express, which are both new tenants to FCPT’s portfolio. The remaining three properties are leased to Olive Garden, Red Lobster and Chili’s. The tranche has an average lease term of approximately five years and each tenant is subject to an individual lease with four of the five leases corporate-operated or guaranteed. The Brookfield Properties portfolio transaction was priced at a cap rate similar to previous FCPT transactions.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191226005098/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: CALIFORNIA IOWA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 12/26/2019 05:22 PM/DISC: 12/26/2019 05:22 PM