FCPT Announces Acquisition of a Portillo’s Restaurant Property from Seritage Transaction for $3.3 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Portillo’s restaurant property in Wisconsin for $3.3 million. The property is located in a strong retail corridor and is secured under a long-term triple net lease. This transaction aligns with FCPT's strategy to acquire high-quality, net-leased properties.

With this acquisition, FCPT has now purchased a total of 25 properties worth $76 million from Seritage, reinforcing its portfolio growth.

Positive

• Acquisition of a Portillo’s restaurant property for $3.3 million enhances the property portfolio.
• Transaction aligns with FCPT's strategy of acquiring high-quality, net-leased restaurant and retail properties.
• Total acquisitions from Seritage now amount to 25 properties worth $76 million, indicating strong portfolio expansion.

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 Portillo’s restaurant property for $3.3 million. The property is located in a strong retail corridor in Wisconsin and is occupied under a long-term triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s transaction, FCPT has acquired a total of 25 properties for $76 million from Seritage.

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/20211229005407/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 value of the Portillo’s property acquired by FCPT?

The Portillo’s restaurant property was acquired for $3.3 million.

How many properties has FCPT acquired from Seritage?

FCPT has acquired a total of 25 properties from Seritage.

What type of lease is the Portillo’s property under?

The Portillo’s property is secured under a long-term triple net lease.

What does the acquisition mean for FCPT's portfolio?

The acquisition enhances FCPT's portfolio by adding a high-quality, net-leased property.

Location of the newly acquired Portillo’s property?

The newly acquired Portillo’s property is located in Wisconsin.