FCPT Announces Acquisition of a Bahama Breeze Restaurant Property From Seritage Transaction for $2.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Bahama Breeze restaurant property in South Carolina for $2.8 million. This acquisition is part of a larger transaction with Seritage, which has seen FCPT acquire 18 properties totaling $58 million since October 2019. The newly acquired property comes with a ten-year lease to Darden Restaurants' subsidiary, positioned in a high-traffic area, making it a strategic addition to FCPT's portfolio aimed at expanding its restaurant real estate investments.

Positive

• Acquisition of a Bahama Breeze property for $2.8 million enhances FCPT's portfolio.
• Property has a ten-year lease with a subsidiary of Darden Restaurants, ensuring steady income.
• Total acquisitions from Seritage have reached 18 properties valued at $58 million, indicating robust growth.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 Bahama Breeze restaurant property for $2.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The Bahama Breeze is located in South Carolina and is situated within a highly trafficked and populated corridor. The property has a remaining term of ten years and is leased to the brand’s corporate entity (subsidiary of Darden Restaurants, Inc.). The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 18 properties for $58 million from Seritage.

About FCPT

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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.