FCPT Announces Acquisition of a National Tire & Battery Property from Washington Prime Group for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a National Tire and Battery property for $1.6 million. Located in a dense corridor in Maryland, this corporate-operated site has approximately five years remaining on its lease term. The acquisition's pricing aligns with previous FCPT transactions, maintaining a consistent cap rate. This strategic move reflects FCPT's commitment to expanding its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a National Tire and Battery property for $1.6 million, expanding FCPT's portfolio.
• The property is located in a high-density area, potentially increasing its value.
• Transaction priced at a cap rate consistent with prior FCPT transactions, indicating sound financial strategy.

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 National Tire and Battery property for $1.6 million. The property is located in a dense corridor in Maryland and is corporate-operated with approximately five years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20211216005975/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 National Tire and Battery property for $1.6 million.

Where is the National Tire and Battery property located?

The property is located in Maryland, in a dense corridor.

What is the remaining lease term for the acquired property?

The property has approximately five years remaining on its lease term.

What was the acquisition price of the National Tire and Battery property?

The acquisition price for the property was $1.6 million.

How does the acquisition impact FCPT's portfolio?

The acquisition expands FCPT's portfolio of high-quality, net-leased restaurant and retail properties.