FCPT Announces Acquisition of a Buffalo Wild Wings Property for $2.3 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) announced the acquisition of a Buffalo Wild Wings property in Illinois for $2.3 million. The site is located in a strong retail corridor and is under a triple net ground lease with approximately two years remaining. The acquisition was completed at a 6.3% capitalization rate, excluding transaction costs, demonstrating FCPT's strategy to grow its portfolio of net-leased restaurant and retail properties.

Positive

• Acquisition of a Buffalo Wild Wings property enhances FCPT's portfolio.
• Transaction priced at a favorable 6.3% capitalization rate.
• Property located in a strong retail corridor, potentially increasing future revenue.

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 Buffalo Wild Wings property for $2.3 million. The property is located in a strong retail corridor in Illinois and is occupied under a triple net ground lease with approximately two years of term remaining. The transaction was priced at a 6.3% capitalization rate, exclusive of transaction costs.

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/20220808005727/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired a Buffalo Wild Wings property in Illinois.

How much did FCPT pay for the Buffalo Wild Wings property?

The acquisition cost was $2.3 million.

What is the capitalization rate for this acquisition?

The transaction was priced at a 6.3% capitalization rate.

How long is the lease term for the acquired property?

The property is under a triple net ground lease with approximately two years remaining.

What strategy does FCPT follow for growth?

FCPT focuses on acquiring high-quality, net-leased restaurant and retail properties.