FCPT Announces Acquisition of Three Bank Properties for $5.4 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 20, 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 three publicly-traded, investment grade bank properties for $5.4 million. The properties are located in highly trafficked corridors in Illinois and are corporate-operated under triple net leases with 9 years of term remaining and annual rent increases of 1.5%. The transaction was priced at a weighted average 6.5% going-in capitalization rate, exclusive of transaction costs.
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/20211220005943/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA ILLINOIS
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Four Corners Property Trust
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PUB: 12/20/2021 07:14 PM/DISC: 12/20/2021 07:14 PM