FCPT Announces Acquisition of a Caliber Collision Property for $1.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE: FCPT) has completed the acquisition of a Caliber Collision property for $1.1 million in Michigan. This property, situated in a highly trafficked area, operates under a corporate net lease with approximately nine years remaining on the term. The acquisition was executed at a 6.6% cap rate, not including transaction costs. This strategic move aligns with FCPT's objective to grow its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of Caliber Collision property enhances portfolio.
• Strategic location in a highly trafficked corridor.
• Corporate-operated net lease with nine years remaining.
• Attractive acquisition price of $1.1 million at a 6.6% cap rate.

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 Caliber Collision property for $1.1 million. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a net lease with approximately nine years of term remaining. The transaction was priced at a 6.6% cap 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/20220712006100/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did FCPT announce in the press release?

FCPT announced the acquisition of a Caliber Collision property for $1.1 million.

What is the cap rate for the Caliber Collision property acquired by FCPT?

The acquisition was priced at a 6.6% cap rate, exclusive of transaction costs.

Where is the newly acquired Caliber Collision property located?

The property is located in a highly trafficked corridor in Michigan.

How long is the lease term for the Caliber Collision property?

The property has approximately nine years of lease term remaining.