FCPT Announces Acquisition of a Caliber Collision Property for $1.3 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Caliber Collision property in Kentucky for $1.3 million. The acquisition is located in a strong retail corridor and features a corporate-operated net lease with approximately seven years remaining. This transaction offers a 6.7% cap rate, considering near-term rent increases and closing credits, with a 6.5% cap rate based on rent at closing. FCPT continues to expand its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a Caliber Collision property for $1.3 million.
• Location in a strong retail corridor.
• Corporate-operated net lease with approximately seven years remaining.
• Transaction priced at a 6.7% cap rate, enhancing portfolio value.

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 $1.3 million. The property is located in a strong retail corridor in Kentucky and is corporate operated under a net lease with approximately seven years of term remaining. The transaction was priced at a 6.7% cap rate including near term rent increases, credits received at closing, and exclusive of transaction costs or a 6.5% cap rate on rent as of the closing date.

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/20221115006533/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 recent acquisition by FCPT?

FCPT acquired a Caliber Collision property for $1.3 million.

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

The acquisition has a cap rate of 6.7%, with a 6.5% cap rate on rent as of the closing date.

Where is the Caliber Collision property located?

The property is located in a strong retail corridor in Kentucky.

How long is the lease term for the acquired property?

The lease term remaining is approximately seven years.