FCPT Announces Acquisition of a Dual-Tenant Starbucks and Noodles & Company Property for $2.4 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Oct 11, 2018--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 Starbucks and Noodles & Company restaurant for $2.4 million from PREIT. The property is located in Maryland, and is occupied under two, separate double-net leases with approximately 6.3 years of term remaining and a rent escalation of 2.0% annualized. Both of the leases are with the corporate operator of each tenant’s respective brand. The transaction was priced at a 7.0% 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/20181011005975/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MARYLAND
INDUSTRY KEYWORD: RESTAURANT/BAR REIT RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2018.
PUB: 10/11/2018 07:02 PM/DISC: 10/11/2018 07:02 PM