FCPT Announces Acquisition of a Miller's Ale House Property for $3.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Miller's Ale House property in Georgia for $3.8 million. The property is situated in a strong retail corridor and operates under a corporate net lease with approximately 11 years remaining. The transaction was completed at a 7.2% cap rate on rent at closing, excluding transaction costs.

Positive

• Strategic acquisition in a strong retail corridor
• Long-term net lease with 11 years remaining provides stable income
• Attractive 7.2% cap rate indicating good yield on investment
• Property is corporate-operated, suggesting tenant stability

Negative

• None.

Insights

Real Estate Investment Analyst

This acquisition aligns with FCPT's strategic focus on net-leased restaurant properties. The $3.8 million purchase at a 7.2% cap rate represents a solid yield in the current market environment. The property's location in a strong retail corridor in Georgia, combined with the 11-year remaining lease term from a corporate tenant, suggests stable, long-term cash flow potential. Miller's Ale House is an established restaurant chain and the corporate-operated status adds security to the investment. While the deal size is relatively small compared to FCPT's total portfolio, it demonstrates continued execution of their acquisition strategy and ability to source accretive deals in the current market.

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 Miller's Ale House property for $3.8 million. The property is located in a strong retail corridor in Georgia and is corporate-operated under a long term, net lease with approximately 11 years of term remaining. The transaction was priced at a 7.2% 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.

Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20241101845137/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

How much did FCPT pay for the Miller's Ale House property acquisition in Georgia?

FCPT acquired the Miller's Ale House property for $3.8 million.

What is the cap rate for FCPT's Miller's Ale House property acquisition?

The transaction was priced at a 7.2% cap rate on rent as of the closing date, exclusive of transaction costs.

How long is the remaining lease term on FCPT's newly acquired Miller's Ale House property?

The property has approximately 11 years remaining on its long-term, net lease.

Where is FCPT's newly acquired Miller's Ale House property located?

The property is located in a strong retail corridor in Georgia.