FCPT Announces Acquisition of a BP / 7-Eleven Property for $3.7 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a BP / 7-Eleven branded gas station and convenience store in Ohio for $3.7 million. This property, situated in a robust retail corridor, is under a triple net lease with GPM Empire, featuring approximately 14 years remaining on the lease term. The acquisition is valued at a 6.35% going-in cash capitalization rate, exclusive of transaction costs. FCPT focuses on expanding its portfolio by acquiring high-quality, net-leased properties primarily in the restaurant and retail sectors.

Positive

• Acquisition of a quality property for $3.7 million in a strong retail location.
• Existing triple net lease with GPM Empire providing stable cash flow for approximately 14 years.
• Transaction priced at a favorable 6.35% cash capitalization rate.

Negative

• None.

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 BP / 7-Eleven branded gas station / convenience store property for $3.7 million. The property is located in a strong retail corridor in Ohio and is occupied under an existing triple net lease to GPM Empire with approximately 14 years of term remaining. The transaction was priced at a 6.35% going-in cash capitalization rate, exclusive of transaction costs.

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, 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.

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