FCPT Announces Acquisition of a Mavis Discount Tire Property for $1.7 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 Mavis Discount Tire property for $1.7 million. The property is located in a highly trafficked retail corridor in Wisconsin and is occupied under a triple net lease to the brand’s corporate entity with approximately six years of term remaining. The transaction was priced at a 6.85% going-in cash capitalization rate, 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, 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/20210629006028/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY TIRES & RUBBER REIT AUTOMOTIVE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2021.
PUB: 06/29/2021 04:05 PM/DISC: 06/29/2021 04:06 PM