FCPT Announces Acquisition of a Jiffy Lube Property for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust acquires Jiffy Lube property for $1.6 million in Iowa

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• Four Corners Property Trust acquires a Jiffy Lube property in Iowa for $1.6 million, adding to its real estate portfolio. The property is located in a strong retail corridor and is occupied under a long-term triple net lease with approximately 12 years remaining. The transaction was priced at a 7.0% cap rate on rent as of the closing date.

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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 Jiffy Lube property for $1.6 million. The property is located in a strong retail corridor in Iowa and is occupied under a long-term triple net lease with approximately 12 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/20230807312578/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?

Four Corners Property Trust acquired a Jiffy Lube property in Iowa.

How much did the acquisition cost?

The acquisition of the Jiffy Lube property in Iowa cost $1.6 million.

What type of lease is the property occupied under?

The property is occupied under a long-term triple net lease.

What was the cap rate on rent for the transaction?

The transaction was priced at a 7.0% cap rate on rent as of the closing date.