FCPT Announces Acquisition of Seven Chili’s Restaurant Properties for $28.7 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 27, 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 seven corporate-operated Chili’s restaurant properties for $28.7 million. The properties are located in Colorado (2), Louisiana, Mississippi, Oklahoma, and Texas (2), and are occupied under triple-net leases with approximately 14 years of term remaining and annual rent increases of 1.5%. The leases are guaranteed by Brinker International, Inc. (NYSE: EAT). The transaction was priced at a 6.3% 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/20191227005277/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RETAIL RESTAURANT/BAR COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 12/27/2019 02:46 PM/DISC: 12/27/2019 02:46 PM