FCPT Announces Acquisition of Three Properties from PREIT for $5.3 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 30, 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 three properties for $5.3 million as part of the previously announced outparcel transaction with PREIT (NYSE: PEI). The properties are an Outback Steakhouse, a Texas Roadhouse, and a Mavis Discount Tire. The properties are located in Pennsylvania and South Carolina and are occupied under triple-net ground leases with a weighted average 11 years of term remaining. All three properties are newly constructed and leased to the respective corporate operators. The transaction is the first closing of the previously announced PREIT portfolio transaction in November, priced at a 6.5% going-in cash cap rate, on a portfolio basis, 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 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/20191230005349/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 12/30/2019 06:35 PM/DISC: 12/30/2019 06:35 PM