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Four Corners Property Trust (FCPT) announced the acquisition of a Chili’s restaurant property in South Carolina for $3.5 million. This triple net lease property is operated by a franchisee with approximately four years remaining on the lease. The transaction was executed at a capitalization rate of 6.8%, not including transaction costs. FCPT focuses on acquiring high-quality, net-leased restaurant and retail properties to expand its portfolio.
Positive
Acquired a Chili’s restaurant property for $3.5 million, enhancing FCPT's portfolio.
Property leased under a triple net lease with a franchisee, providing steady income.
Transaction completed at a favorable 6.8% capitalization rate.
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 Chili’s restaurant property for $3.5 million. The property is located in a dense corridor in South Carolina and is occupied under a triple net lease by a franchisee operator with approximately four years of term remaining. The transaction was priced at a 6.8% capitalization rate, 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.
