FCPT Announces Acquisition of Six Chili’s Properties for $20.6 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Sep 2, 2021--
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of six Chili’s properties for $20.6 million. The properties are corporate-operated and located in highly trafficked corridors in Maryland and Virginia. They are all occupied under triple net leases with 15 years of term remaining and ~1.4% annual rent increases. The transaction was priced at a cap rate in range with previous FCPT transactions.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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 www.fcpt.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210902005842/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND CALIFORNIA VIRGINIA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2021.
PUB: 09/02/2021 04:10 PM/DISC: 09/02/2021 04:11 PM