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Four Corners Property Trust (NYSE:FCPT) has acquired a newly constructed Cooper’s Hawk Restaurant property in Illinois for $6.9 million. This transaction is under a long-term triple net lease with approximately 16 years remaining and was priced at a 6.6% cap rate on rent at closing. Cooper’s Hawk is a fine dining brand with over 60 locations primarily in the Midwest, Florida, and the Mid-Atlantic. This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality net-leased restaurant properties.
Positive
Acquisition of a high-quality property worth $6.9 million.
Long-term triple net lease with approximately 16 years remaining.
Investment priced at a 6.6% cap rate, indicating a strong return potential.
Expansion of FCPT's portfolio with a well-known restaurant brand.
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 Cooper’s Hawk Restaurant property for $6.9 million. Cooper’s Hawk is a fine dining restaurant brand with over 60 locations concentrated in the Midwest, Florida and the Mid-Atlantic. The property is newly constructed and located in a highly trafficked corridor in Illinois and is under a long-term, triple net lease with approximately 16 years of term remaining. The transaction was priced at a 6.6% cap rate on rent as of the closing 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.
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust
FAQ
What is the significance of the recent acquisition by FCPT?
FCPT's acquisition of the Cooper’s Hawk property enhances its portfolio of high-quality net-leased restaurant properties, positioning the company for potential revenue growth.
How much did FCPT pay for the Cooper’s Hawk property?
FCPT acquired the Cooper’s Hawk Restaurant property for $6.9 million.
What is the lease term for the new acquisition by FCPT?
The property is under a long-term triple net lease with approximately 16 years remaining.
What cap rate did FCPT achieve on the Cooper’s Hawk property?
The acquisition was priced at a 6.6% cap rate on rent.
