FCPT Announces Acquisition of a Dual-Tenant Aspen Dental and WellNow Urgent Care Property for $3.0 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a dual-tenant property housing Aspen Dental and WellNow Urgent Care for $3.0 million. Located in a strong retail area in New York, both leases are with a corporate entity, suggesting stability and a reduced risk profile. The acquisition's cap rate aligns with FCPT's previous transactions, indicating consistent investment strategy. This move is part of FCPT's broader strategy to enhance its portfolio of high-quality, net-leased properties, which may positively impact its revenue growth.

Positive

• Acquisition of dual-tenant property for $3.0 million.
• Both leases are with a corporate entity, enhancing stability.
• Transaction cap rate is consistent with past FCPT transactions.

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 dual-tenant Aspen Dental and WellNow Urgent Care property for $3.0 million. The property is located in a strong retail corridor in New York and both leases are with the corporate entity. The transaction was priced at a cap rate in range with previous FCPT transactions.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005618/en/

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 recent acquisition made by FCPT?

FCPT acquired a dual-tenant property for $3.0 million, featuring Aspen Dental and WellNow Urgent Care.

When was the FCPT acquisition announced?

The acquisition of the dual-tenant property was announced recently.

How does the acquisition impact FCPT's portfolio?

The acquisition may enhance FCPT's portfolio by adding stability and potentially increasing revenue through long-term leases.

What is the location of the newly acquired property by FCPT?

The property is located in a strong retail corridor in New York.

What types of properties does FCPT typically acquire?

FCPT primarily acquires high-quality, net-leased restaurant and retail properties.