FCPT Announces Acquisition of a Taco Bell Restaurant Property From Brookfield Properties for $396,000 Dollars
MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov 21, 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 Taco Bell restaurant property for $396,000 dollars from Brookfield Properties. The property is an outparcel to a Brookfield owned mall located in New Mexico and is occupied under a triple-net lease with approximately 5.5 years of term remaining. The store is operated by Palo Alto, Inc., a YUM! Brands franchisee with 180 Taco Bell and 32 Pizza Hut restaurants (per Franchise Times ). The transaction is the second closing of a previously announced two property Brookfield transaction for $2.4 million dollars and was priced at a similar 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/20191121005949/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW MEXICO
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 11/21/2019 04:05 PM/DISC: 11/21/2019 04:05 PM