AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

FCPT Announces Acquisition of Dual-Tenant Potbelly / Verizon Property for $2.0 million

January 30, 2020 GMT

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jan 29, 2020--

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 dual-tenant property for $2.0 million. The property is occupied by a corporate operated Potbelly (NASDAQ: PBPB) and a Verizon retail operator with over 770 locations. Each tenant is subject to a separate lease with a weighted average term remaining of approximately seven years. The property is located in Wisconsin. The transaction was priced at a 6.9% going-in cash cap rate, after property management expenses and exclusive of transaction costs.

About FCPT

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 retail industries. 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/20200129005873/en/

CONTACT: Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA WISCONSIN

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: Four Corners Property Trust

Copyright Business Wire 2020.

PUB: 01/29/2020 11:18 PM/DISC: 01/29/2020 11:18 PM

http://www.businesswire.com/news/home/20200129005873/en