FCPT Announces Acquisition of a NAPA Auto Parts property for $829,000

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a NAPA Auto Parts property in Michigan for $829,000. The transaction features a corporate-operated net lease with approximately three years remaining, yielding a 7.9% cap rate, excluding transaction costs. This acquisition aligns with FCPT's strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties, thereby supporting its growth objectives.

Positive

• Acquisition of high-quality NAPA Auto Parts property.
• Transaction valued at $829,000 with a favorable 7.9% cap rate.
• Strategic alignment with FCPT's growth plans in the restaurant and retail sectors.

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 $829,000. The property is located in Michigan and is corporate-operated under a net lease with approximately three years of term remaining. The transaction was priced at a 7.9% 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/20221017005883/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 recent acquisition by FCPT?

FCPT acquired a NAPA Auto Parts property in Michigan for $829,000.

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

The acquisition has a cap rate of 7.9%.

How many years are left on the lease for the acquired property?

The NAPA Auto Parts property has approximately three years remaining on its lease.

What type of properties does FCPT primarily acquire?

FCPT primarily focuses on acquiring high-quality, net-leased restaurant and retail properties.

Where is FCPT headquartered?

FCPT is headquartered in Mill Valley, California.