FCPT Announces Acquisition of a Chick-fil-A Restaurant Property from Seritage Transaction for $1.5 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Chick-fil-A property for $1.5 million from Seritage, part of a broader transaction first reported in October 2019. This property, located in a high-traffic area of Missouri, operates under a triple-net lease with around eight years remaining on the lease term. With this acquisition, FCPT has successfully purchased a total of 21 properties for $63 million from Seritage, aligning with the company's strategy to expand its portfolio of net-leased restaurant properties.

Positive

• Acquisition of a Chick-fil-A property for $1.5 million enhances property portfolio.
• Total of 21 properties acquired from Seritage, amounting to $63 million, indicates successful expansion.
• Property located in a highly trafficked area, likely to drive revenue.

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 Chick-fil-A property for $1.5 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a highly trafficked corridor in Missouri and is corporate-operated under a triple-net lease with approximately eight 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 21 properties for $63 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/20201218005713/en/

FAQ

What properties did FCPT acquire recently?

FCPT recently acquired a Chick-fil-A property for $1.5 million.

What is the significance of the Seritage transaction for FCPT?

The Seritage transaction allows FCPT to expand its portfolio with a total of 21 properties acquired for $63 million.

What type of lease is associated with the new Chick-fil-A property?

The Chick-fil-A property is under a triple-net lease with approximately eight years remaining.

How does the location of the acquired property affect FCPT?

The property is situated in a highly trafficked area, which is expected to positively influence its revenue potential.