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FCPT Announces Acquisition of a Chuy's Property for $2.9 Million

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Four Corners Property Trust (NYSE:FCPT) has acquired a Chuy's restaurant property in Texas for $2.9 million. The property is situated in a strong retail corridor and operates under a corporate triple net lease with approximately five years remaining on the term. The transaction was completed at a 6.7% cap rate on rent at closing, excluding transaction costs.

The acquired Chuy's location is part of a chain of over 100 Tex-Mex restaurants across the United States, recently acquired by Darden Restaurants. FCPT, a real estate investment trust, primarily focuses on owning and acquiring high-quality, net-leased restaurant and retail properties.

Four Corners Property Trust (NYSE:FCPT) ha acquisito una proprietà di un ristorante Chuy's in Texas per 2,9 milioni di dollari. L'immobile si trova in un importante corridoio commerciale e opera con un contratto di locazione triple net aziendale con circa cinque anni residui di durata. La transazione è stata completata con un tasso di capitalizzazione del 6,7% sul canone di locazione al momento della chiusura, esclusi i costi di transazione.

La sede di Chuy's acquisita fa parte di una catena di oltre 100 ristoranti Tex-Mex negli Stati Uniti, recentemente acquisita da Darden Restaurants. FCPT, un fondo di investimento immobiliare, si concentra principalmente sull'acquisizione e gestione di proprietà di ristoranti e negozi di alta qualità con contratti di locazione netti.

Four Corners Property Trust (NYSE:FCPT) ha adquirido una propiedad de un restaurante Chuy's en Texas por 2,9 millones de dólares. La propiedad está ubicada en un corredor comercial fuerte y opera bajo un contrato de arrendamiento triple neto corporativo con aproximadamente cinco años restantes de vigencia. La transacción se completó con una tasa de capitalización del 6,7% sobre el alquiler al cierre, sin incluir los costos de la transacción.

La ubicación de Chuy's adquirida forma parte de una cadena de más de 100 restaurantes Tex-Mex en Estados Unidos, recientemente adquirida por Darden Restaurants. FCPT, un fideicomiso de inversión inmobiliaria, se enfoca principalmente en poseer y adquirir propiedades de restaurantes y comercios de alta calidad con arrendamientos netos.

Four Corners Property Trust (NYSE:FCPT)는 텍사스에 위치한 추이스(Chuy's) 레스토랑 부동산290만 달러에 인수했습니다. 이 부동산은 강력한 상업 지구에 위치해 있으며, 약 5년 남은 기간의 기업 트리플 넷 리스(Triple Net Lease) 계약 하에 운영되고 있습니다. 거래는 거래 비용을 제외하고 마감 시점 임대료 기준 6.7%의 자본화율(cap rate)로 완료되었습니다.

인수한 추이스 지점은 미국 전역에 100개 이상의 텍스멕스 레스토랑 체인의 일부로, 최근 Darden Restaurants가 인수했습니다. FCPT는 주로 고품질의 순임대 레스토랑 및 소매 부동산을 소유하고 인수하는 데 중점을 둔 부동산 투자 신탁입니다.

Four Corners Property Trust (NYSE:FCPT) a acquis une propriété de restaurant Chuy's au Texas pour 2,9 millions de dollars. La propriété est située dans un corridor commercial dynamique et fonctionne sous un bail triple net d'entreprise avec environ cinq ans restants sur la durée. La transaction a été conclue avec un taux de capitalisation de 6,7% sur le loyer à la clôture, hors frais de transaction.

Le site Chuy's acquis fait partie d'une chaîne de plus de 100 restaurants Tex-Mex à travers les États-Unis, récemment rachetée par Darden Restaurants. FCPT, une fiducie de placement immobilier, se concentre principalement sur la possession et l'acquisition de propriétés de restaurants et de commerces de détail de haute qualité en location nette.

Four Corners Property Trust (NYSE:FCPT) hat eine Chuy's Restaurant-Immobilie in Texas für 2,9 Millionen US-Dollar erworben. Die Immobilie befindet sich in einem starken Einzelhandelskorridor und wird im Rahmen eines Corporate Triple-Net-Leasingvertrags mit einer Restlaufzeit von etwa fünf Jahren betrieben. Die Transaktion wurde mit einer Kapitalisierungsrate von 6,7% auf die Miete zum Zeitpunkt des Abschlusses durchgeführt, ohne Transaktionskosten.

Der erworbene Chuy's-Standort ist Teil einer Kette von über 100 Tex-Mex-Restaurants in den Vereinigten Staaten, die kürzlich von Darden Restaurants übernommen wurde. FCPT, ein Real Estate Investment Trust, konzentriert sich hauptsächlich auf den Besitz und Erwerb hochwertiger, nettovermieteter Restaurant- und Einzelhandelsimmobilien.

Positive
  • Strategic acquisition in strong retail corridor location
  • Triple net lease structure minimizes operating expenses for FCPT
  • Tenant is corporate-operated and backed by Darden Restaurants
  • Attractive 6.7% cap rate providing immediate yield
Negative
  • Relatively short remaining lease term of only 5 years
  • Single-tenant property exposure increases tenant concentration risk

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 Chuy's property for $2.9 million. Chuy’s, recently acquired by Darden Restaurants, is a casual dining restaurant chain with over 100 locations across the United States known for its Tex-Mex cuisine. The property is located in a strong retail corridor in Texas and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.7% cap rate on rent as of the closing date and 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.

Category: Acquisition

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

What is the cap rate for FCPT's recent Chuy's property acquisition?

The transaction was priced at a 6.7% cap rate on rent as of the closing date, exclusive of transaction costs.

How much did FCPT pay for the Chuy's property acquisition in Texas?

FCPT acquired the Chuy's property for $2.9 million.

What is the remaining lease term on FCPT's newly acquired Chuy's property?

The property has approximately five years remaining on its triple net lease term.

Where is FCPT's newly acquired Chuy's restaurant located?

The property is located in a strong retail corridor in Texas.
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