FCPT Announces Acquisition of a four-property Buffalo Wild Wings portfolio for $14.3 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of four Buffalo Wild Wings properties for $14.3 million. These properties are situated in prime retail areas in Illinois and come with individual long-term triple net leases, each having approximately nine years remaining. The acquisition was executed at a 7.3% cap rate on rent, excluding transaction costs. This strategic purchase aligns with FCPT's objective to expand its net-leased restaurant and retail property portfolio.

Positive

• Acquisition of four Buffalo Wild Wings properties for $14.3 million.
• Properties located in strong retail corridors enhancing market presence.
• Long-term triple net leases with approximately 9 years remaining.
• Transaction at a favorable 7.3% cap rate on rent.

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 four Buffalo Wild Wings properties for $14.3 million. The properties are located in strong retail corridors in Illinois and are under individual long-term, triple net leases each with approximately nine years of term remaining. The transaction was priced at a 7.3% 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221223005228/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 value of the properties acquired by FCPT?

FCPT acquired four Buffalo Wild Wings properties for $14.3 million.

What is the cap rate for the acquisition by FCPT?

The acquisition was priced at a 7.3% cap rate on rent.

Where are the newly acquired properties located?

The properties are located in strong retail corridors in Illinois.

How long are the leases for the acquired Buffalo Wild Wings properties?

Each property has approximately nine years remaining on its lease.