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Four Corners Property Trust (NYSE:FCPT) has acquired a NAPA Auto Parts property in Indiana for $935,000. The property, located in a prime retail area, is under a net lease with about four years remaining. This acquisition reflects a 6.9% cap rate, which is considered favorable for investment. FCPT focuses on high-quality, net-leased restaurant and retail properties, aiming to expand its portfolio within the sector. The transaction is expected to enhance the company's assets and contribute positively to its financial performance.
Positive
Acquisition of NAPA Auto Parts property for $935,000 enhances asset portfolio.
Strategically located in a strong retail corridor.
Net lease with approximately four years remaining adds stability.
Transaction priced at a favorable 6.9% cap rate.
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 $935,000. The property is in a strong retail corridor in Indiana and is occupied under a net lease with approximately four years of term remaining. The transaction was priced at a 6.9% 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.
