FCPT Announces Acquisition of a Carrabba’s Property for $1.7 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Carrabba's property in Missouri for $1.7 million. This acquisition, part of FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties, is situated in a prime retail corridor and features a corporate-operated triple net lease with approximately six years remaining. The transaction was valued at a 6.2% cap rate on current rent, excluding transaction costs, indicating a solid investment opportunity for FCPT.

Positive

• Acquisition of a high-quality Carrabba's property for $1.7 million.
• Location in a strong retail corridor enhances property value.
• Corporate-operated triple net lease adds stability with six years remaining.
• 6.2% cap rate on rent signifies a favorable return on 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 Carrabba’s property for $1.7 million. The property is located in a strong retail corridor in Missouri and is corporate-operated under a triple net lease with approximately six years of term remaining. The transaction was priced at a 6.2% cap rate on rent today, 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/20211028006008/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 Four Corners Property Trust acquire in Missouri?

FCPT acquired a Carrabba's property for $1.7 million.

What is the cap rate for the recent FCPT acquisition?

The acquisition was priced at a 6.2% cap rate on current rent.

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

The lease term remaining is approximately six years.

What is the strategic significance of the acquisition for FCPT?

The acquisition strengthens FCPT's portfolio in a prime retail location, enhancing potential revenue.