FCPT Announces Acquisition of a Bubba’s 33 Restaurant Property for $3.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Bubba's 33 restaurant property for $3.1 million. This acquisition marks the final transaction from a previously announced 7-property portfolio worth $17.1 million, with this property located in a high-traffic area of Texas. The newly constructed property is corporate-operated under a triple net lease with about 10 years remaining on the lease. The acquisition caps a series of profitable investments in the high-quality, net-leased restaurant and retail segments.

Positive

• Acquisition of a high-quality property valued at $3.1 million.
• Final transaction from a $17.1 million portfolio, enhancing overall asset quality.
• Located in a high-traffic area, likely to drive better returns.

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 Bubba’s 33 restaurant property for $3.1 million from the transaction previously announced in July 2022. The property is newly constructed and located in a highly trafficked corridor in Texas and is corporate-operated under a triple net lease with approximately 10 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

This is the last property to be acquired from the 7-property, $17.1 million outparcel portfolio transaction first announced in July 2022. The six other properties closed in a transaction announced in August 2022.

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/20221130006063/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What was the value of the recent acquisition by FCPT?

The recent acquisition of the Bubba's 33 restaurant property was valued at $3.1 million.

When was the acquisition of Bubba's 33 property announced?

The acquisition was part of a transaction first announced in July 2022.

How many properties were included in the initial announced portfolio?

The initial announced portfolio included a total of 7 properties.

What type of lease does the new Bubba's 33 property have?

The Bubba's 33 property is operated under a triple net lease.

How long is the lease term remaining for the Bubba's 33 property?

The Bubba's 33 property has approximately 10 years remaining on its lease.