FCPT Announces Acquisition of Five Properties From Washington Prime Group for $8.6 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 30, 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 restaurant properties for $8.6 million from the previously announced Washington Prime Group transaction. The closing includes BJ’s Restaurant and Brewhouse, McDonald’s, and Taco Bell properties located in Florida and Steak ’n Shake and White Castle properties located in Indiana. Four of the five properties are leased to the brand’s corporate entity with the Taco Bell leased to a franchisee. The properties have a weighted average lease term of approximately 13 years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and past 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/20191230005357/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 12/30/2019 07:46 PM/DISC: 12/30/2019 07:46 PM