FCPT Announces Acquisition of a Chase Bank Property from Seritage Transaction for $1.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Chase Bank property for $1.8 million, part of the Seritage transaction initiated in 2019 and expanded in 2020. The property, located in a high-traffic area of Louisiana, is under a triple-net lease with approximately 20 years remaining. This acquisition brings FCPT's total properties acquired from Seritage to 23, amounting to $71 million.

Positive

• Acquisition of a high-quality property, enhancing the portfolio.
• Property located in a highly trafficked area, potentially increasing rental income.
• Triple-net lease with 20 years remaining provides stable cash flow.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chase Bank property for $1.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a highly trafficked corridor in Louisiana and is corporate-operated under a triple-net lease with approximately 20 years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 23 properties for $71 million from Seritage.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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/20210629006099/en/

FAQ

What recent acquisition did FCPT make?

FCPT recently acquired a Chase Bank property for $1.8 million.

What is the total amount FCPT has spent on properties from Seritage?

FCPT has acquired a total of 23 properties from Seritage for $71 million.

How long is the lease term for the Chase Bank property acquired by FCPT?

The Chase Bank property has approximately 20 years remaining on its triple-net lease.

Where is the newly acquired FCPT property located?

The acquired property is located in a highly trafficked corridor in Louisiana.