FCPT Announces Acquisition of a Heartland Dental for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Heartland Dental property in South Carolina for $2.2 million. This acquisition is significant as it is located in a prime retail corridor and is corporate-operated under a long-term net lease, with approximately seven years remaining. The deal is priced at a 7.0% cap rate on rent at closing, excluding transaction costs. FCPT, based in Mill Valley, CA, focuses on acquiring high-quality, net-leased restaurant and retail properties to expand its portfolio and drive growth.

Positive

• Acquisition of a Heartland Dental property for $2.2 million enhances property portfolio.
• Located in a strong retail corridor, indicating potential for high foot traffic.
• The transaction's 7.0% cap rate suggests a favorable return on investment.
• Long-term net lease with approximately seven years remaining provides stability.

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 Heartland Dental property for $2.2 million. The property is located in a strong retail corridor in South Carolina and is corporate-operated under a long-term net lease with approximately seven years of term remaining. The transaction was priced at a 7.0% cap rate on rent as of the closing date, 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/20230228006275/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 by FCPT?

FCPT recently acquired a Heartland Dental property in South Carolina for $2.2 million.

What is the cap rate for the recent FCPT acquisition?

The acquisition of the Heartland Dental property was priced at a 7.0% cap rate.

How long is the lease term for the newly acquired property by FCPT?

The Heartland Dental property has approximately seven years remaining on its net lease.

Where is the newly acquired FCPT property located?

The Heartland Dental property is located in a strong retail corridor in South Carolina.