FCPT Announces Acquisition of a Caliber Collision Property for $1.4 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Caliber Collision property for $1.4 million in Virginia, strategically situated in a strong retail corridor. The property operates under a corporate net lease with about 11 years remaining on the lease term. This acquisition was completed at a 6.4% cap rate on current rent and 6.5% including a contractual rent increase from December 2021, enhancing FCPT's portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of Caliber Collision property at $1.4 million, indicating strategic growth.
• Property located in a strong retail corridor, enhancing potential revenue.
• Corporate-operated property with 11 years remaining on the net lease.
• Acquisition priced at a 6.4% cap rate, favorable for long-term investment.

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 $1.4 million. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately eleven years of term remaining. The transaction was priced at a 6.4% cap rate on rent today and exclusive of transaction costs, or 6.5% inclusive of a contractual rent increase in December 2021.

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/20210826005785/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 made by FCPT?

FCPT acquired a Caliber Collision property for $1.4 million.

Where is the Caliber Collision property located?

The property is located in Virginia.

What is the cap rate for the Caliber Collision acquisition?

The acquisition was priced at a 6.4% cap rate, or 6.5% with a contractual rent increase.

How long is the lease term for the acquired property?

The lease has approximately eleven years remaining.