FCPT Announces Acquisition of an Outback Steakhouse Property from Brookfield Properties for $1.9 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Jul 16, 2021--
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 an Outback Steakhouse property for $1.9 million from a previously announced Brookfield Properties transaction. The property is located in a strong retail corridor in Washington and is franchisee-operated under a triple net lease with approximately three years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 19 properties for $35 million related to the Brookfield portfolio announced in October 2019.
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 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/20210716005443/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA WASHINGTON
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2021.
PUB: 07/16/2021 04:05 PM/DISC: 07/16/2021 04:06 PM