FCPT Announces Acquisition of a Starbucks-Anchored Multi-Tenant Property for $3.4 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov 26, 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 restaurant-anchored multi-tenant property for $3.4 million. The property was constructed in 2019, is located in Indiana and is occupied by a corporate-operated Starbucks, a large authorized retailer for Verizon Wireless with over 850 locations (“The Cellular Connection”) and a corporate-operated ATI Physical Therapy (with over 800 locations). The Starbucks has a drive-thru and each tenant is subject to a separate lease with approximately ten years remaining. The transaction was priced at a 6.8% going-in cash cap rate, after property management expenses.
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/20191126005876/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 11/26/2019 05:11 PM/DISC: 11/26/2019 05:11 PM