FCPT Announces Acquisition of a Dual-Tenant Aspen Dental / Starbucks for $3.4 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a dual-tenant property leased to Aspen Dental and Starbucks for $3.4 million. The acquisition is located in a prime retail corridor in Illinois, featuring long-term net leases with both corporate tenants. The transaction boasts a 6.5% going-in cash capitalization rate, excluding transaction costs, highlighting its strategic value to FCPT's portfolio as it focuses on expanding its net-leased restaurant property holdings.

Positive

• Acquisition of dual-tenant property enhances portfolio diversity.
• Located in a strong retail corridor, potentially driving foot traffic.
• Long-term net leases with reputable brands (Aspen Dental, Starbucks).
• Transaction priced at a 6.5% going-in cash capitalization rate, indicating favorable investment conditions.

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 dual-tenant property leased to Aspen Dental and Starbucks for $3.4 million. The properties are located in a strong retail corridor in Illinois and are under long term net leases with each brand’s corporate tenant. The transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transaction costs.

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/20210723005477/en/

FAQ

What property did FCPT acquire?

FCPT acquired a dual-tenant property leased to Aspen Dental and Starbucks for $3.4 million.

What is the location of the new acquisition by FCPT?

The acquired properties are located in a strong retail corridor in Illinois.

What is the significance of the 6.5% capitalization rate for FCPT?

The 6.5% going-in cash capitalization rate indicates a favorable investment opportunity for FCPT.

How does this acquisition benefit FCPT's portfolio?

The acquisition enhances portfolio diversity and adds stable revenue through long-term leases with reputable brands.