FCPT Announces Acquisition of an Additional Krystal Restaurant Property for $1.4 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Oct 11, 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 Krystal restaurant property for $1.4 million via a sale and leaseback transaction. The property is located in Alabama and is occupied under a triple-net lease with a fifteen-year term. The transaction is the third of a three-property transaction and was priced at a capitalization rate consistent with our previous acquisitions of similar restaurants.
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/20191011005538/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA ALABAMA
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 10/11/2019 04:05 PM/DISC: 10/11/2019 04:05 PM