FCPT Announces Acquisition of a Mr. Tire Property for $1.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Mr. Tire property in New Jersey for $1.2 million. The property features a net ground lease with approximately ten years remaining. This acquisition, priced at a 6.5% capitalization rate, enhances FCPT's portfolio in a prime location with significant traffic.

FCPT focuses on owning and acquiring high-quality net-leased restaurant and retail properties, aimed at driving future growth.

Positive

• Acquisition of Mr. Tire property for $1.2 million strengthens portfolio.
• Located in a high-traffic area, indicating strong future tenant activity.
• Lease has approximately ten years remaining, ensuring 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 Mr. Tire property for $1.2 million. The property is located in a highly trafficked corridor in New Jersey and is occupied under a net ground lease with approximately ten years of term remaining. The transaction was priced at a 6.5% capitalization rate, 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/20220812005390/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 significance of the Mr. Tire property acquisition by FCPT?

The acquisition enhances FCPT's portfolio in a prime, high-traffic location, contributing to potential revenue growth.

What is the acquisition price of the Mr. Tire property?

The Mr. Tire property was acquired for $1.2 million.

What is the capitalization rate for the Mr. Tire acquisition?

The transaction was priced at a 6.5% capitalization rate.

How long is the remaining lease term for the acquired Mr. Tire property?

The net ground lease has approximately ten years remaining.