FCPT Announces Acquisition of a NAPA Auto Parts Property for $1.4 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a NAPA Auto Parts property for $1.4 million. Located in a strong retail corridor in Kansas, the property operates under a triple net lease with approximately two years remaining. The transaction was conducted at a 6.6% cap rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of NAPA Auto Parts property for $1.4 million.
• Strong retail location in Kansas enhances portfolio.
• Triple net lease with approximately two years remaining supports steady cash flow.
• 6.6% cap rate indicates favorable pricing.

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 NAPA Auto Parts property for $1.4 million. The property is in a strong retail corridor in Kansas and is occupied under a triple net lease with approximately two years of term remaining. The transaction was priced at a 6.6% cap 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/20221019006120/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire recently?

FCPT acquired a NAPA Auto Parts property in Kansas.

How much did FCPT pay for the NAPA Auto Parts property?

The property was acquired for $1.4 million.

What is the cap rate for the NAPA Auto Parts acquisition?

The acquisition was priced at a 6.6% cap rate.

What type of lease is associated with the NAPA Auto Parts property?

The property is occupied under a triple net lease.

How long is the remaining lease term for the NAPA Auto Parts property?

There are approximately two years of lease term remaining.