FCPT Announces Acquisition of LongHorn Steakhouse and IHOP Restaurant Properties for $2.6 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Apr 19, 2019--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a LongHorn Steakhouse property and an IHOP property for $2.6 million. The properties are located in Alabama and Virginia, respectively, and are occupied under triple net leases with 8 years of weighted average term remaining. The transaction was priced at a 6.9% going-in cash cap rate, 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, on a net basis, for use in the restaurant and related food services industry. 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/20190419005141/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA ALABAMA CALIFORNIA VIRGINIA
INDUSTRY KEYWORD: RESTAURANT/BAR REIT RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 04/19/2019 02:18 PM/DISC: 04/19/2019 02:18 PM