FCPT Announces Acquisition of a Bojangles’ Restaurant Property for $1.5 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Jan 29, 2020--
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 a Bojangles’ Famous Chicken ’n Biscuits restaurant property for $1.5 million. The property is located in North Carolina and is occupied under a triple-net lease with the corporate operator that has approximately 5.5 years of term remaining. The transaction was priced at a 6.8% going-in cash capitalization rate.
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/20200129005755/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NORTH CAROLINA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2020.
PUB: 01/29/2020 04:05 PM/DISC: 01/29/2020 04:05 PM