FCPT Announces Acquisition of a Chase Bank Property from Seritage Transaction for $1.8 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Jun 29, 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 a Chase Bank property for $1.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a highly trafficked corridor in Louisiana and is corporate-operated under a triple-net lease with approximately 20 years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 23 properties for $71 million from Seritage.
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/20210629006099/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA LOUISIANA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2021.
PUB: 06/29/2021 06:13 PM/DISC: 06/29/2021 06:13 PM