FCPT Announces Acquisition of a Mavis Discount Tire Property for $1.7 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Mavis Discount Tire property for $1.7 million. This property is strategically located in a high-traffic retail corridor in Wisconsin and is secured by a triple net lease with approximately six years remaining on the term. The transaction was executed at a 6.85% cash capitalization rate, with costs excluded from this rate, indicating a potentially lucrative investment for the company.

Positive

• Acquisition of Mavis Discount Tire property enhances portfolio.
• Located in a high-traffic retail area, likely increasing foot traffic.
• Triple net lease structure provides stable income with lower operational costs.
• Acquisition priced at a competitive 6.85% cash capitalization rate.

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 Mavis Discount Tire property for $1.7 million. The property is located in a highly trafficked retail corridor in Wisconsin and is occupied under a triple net lease to the brand’s corporate entity with approximately six years of term remaining. The transaction was priced at a 6.85% 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/20210629006028/en/

FAQ

What is the value of the Mavis Discount Tire property acquired by FCPT?

The Mavis Discount Tire property was acquired for $1.7 million.

Where is the Mavis Discount Tire property located?

The property is located in a highly trafficked retail corridor in Wisconsin.

What type of lease is associated with the Mavis Discount Tire property?

The property is occupied under a triple net lease.

What is the cash capitalization rate for the Mavis Discount Tire acquisition?

The acquisition was priced at a 6.85% going-in cash capitalization rate.