FCPT Announces Acquisition of a Dual-Tenant Buffalo Wild Wings and Chipotle Property for $3.4 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a dual-tenant property featuring Buffalo Wild Wings and Chipotle in New Mexico for $3.4 million. This acquisition, located in a strong retail corridor, comes with a favorable 6.4% cash capitalization rate and approximately 6 years of weighted average lease term remaining. The transaction enhances FCPT's portfolio of high-quality, net-leased restaurant and retail properties, supporting the company’s growth strategy in the competitive market.

Positive

• Acquired dual-tenant property for $3.4 million, enhancing portfolio.
• Location in a strong retail corridor positions FCPT for future growth.
• Transaction priced at 6.4% cash capitalization rate indicates strong investment potential.
• Leases with corporate entities ensure reliability and long-term revenue.

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 Buffalo Wild Wings and Chipotle for $3.4 million. The property is located in a strong retail corridor in New Mexico and both leases are with the corporate entity with approximately 6 years of weighted average term remaining. The transaction was priced at a 6.4% 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 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/20211122006667/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire recently?

FCPT recently acquired a dual-tenant property featuring Buffalo Wild Wings and Chipotle for $3.4 million.

What is the significance of the acquisition for FCPT?

The acquisition enhances FCPT's portfolio and is expected to support future revenue growth.

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

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

What is the cash capitalization rate for the FCPT acquisition?

The transaction was priced at a 6.4% cash capitalization rate.

How long are the leases for the tenants in the new FCPT property?

Both leases have approximately 6 years of weighted average term remaining.