FCPT Announces Acquisition of a Bank of America Property from Seritage Transaction for $1.4 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Bank of America property for $1.4 million in Michigan, part of its ongoing strategy to expand its portfolio. This acquisition aligns with FCPT's focus on high-quality, net-leased restaurant and retail properties. The property is corporate-operated under a triple net lease and has about five years of lease term remaining. With this latest deal, FCPT has now acquired a total of 24 properties for $73 million from Seritage, showcasing its growth in the sector.

Positive

• Acquisition of a high-quality Bank of America property for $1.4 million.
• The property is located in a strong retail corridor.
• The acquisition aligns with FCPT's strategy of expanding its portfolio of net-leased properties.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- 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 a Bank of America property for $1.4 million from the Seritage transaction. The property is located in a strong retail corridor in Michigan and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s transaction, FCPT has acquired a total of 24 properties for $73 million from Seritage.

About FCPT

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/20211119005776/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the latest acquisition by FCPT?

FCPT acquired a Bank of America property for $1.4 million.

Where is the FCPT's recent acquisition located?

The property is located in Michigan.

How many properties has FCPT acquired from Seritage?

FCPT has acquired a total of 24 properties for $73 million from Seritage.

What type of lease is associated with the acquired property?

The property is corporate-operated under a triple net lease.

What is the remaining term of the lease for the newly acquired property?

The lease has approximately five years remaining.