FCPT Announces Acquisition of a Buffalo Wild Wings Property for $2.6 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov 4, 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 a corporate-operated Buffalo Wild Wings restaurant property for $2.6 million. The property is located in Texas and is occupied under a double-net lease with approximately 3 years of term remaining. The transaction is the second of a two property Buffalo Wild Wings portfolio, the first of which was announced on October 28, 2019, and is priced at a 6.8% cash cap rate, inclusive of percentage rent paid and exclusive of transaction costs.
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 http://www.fcpt.com/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191104005972/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 11/04/2019 04:05 PM/DISC: 11/04/2019 04:05 PM