FCPT Announces Acquisition of a Starbucks Property for $1.2 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a corporate-operated Starbucks property in Mississippi for $1.2 million. The property features a net lease with approximately five years remaining. The acquisition was completed at a 6.50% going-in cash capitalization, exclusive of transaction costs. This strategic purchase reflects FCPT's ongoing commitment to expanding its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of a corporate-operated Starbucks property for $1.2 million enhances the property portfolio.
• The transaction is expected to provide stable income with the net lease having five years remaining.
• Acquisition priced at a favorable 6.50% cash capitalization.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a corporate-operated Starbucks property for $1.2 million. The property is located in a highly trafficked corridor in Mississippi and is occupied under a net lease with approximately five years of term remaining. The transaction was priced at a 6.50% going-in cash capitalization and exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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.