FCPT Announces Acquisition of a Starbucks Property for $2.3 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a corporate-operated Starbucks property in Alabama for $2.3 million. This acquisition is in line with the Company’s strategy to expand its portfolio of high-quality, net-leased restaurant properties. The transaction boasts a cash capitalization rate consistent with previous investments by FCPT. The property is strategically located in a high-traffic area and is secured under a long-term net lease, enhancing FCPT's revenue potential and operational stability.

Positive

• Acquisition of a corporate-operated Starbucks enhances property portfolio.
• Transaction valued at $2.3 million supports strategic expansion.
• Long-term net lease provides stable revenue stream.

Negative

• None.

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 $2.3 million. The property is located in a highly trafficked corridor in Alabama and is occupied under a long term, net lease. The transaction was priced at a going-in cash capitalization rate in range with FCPT’s previous investments.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210330006054/en/

FAQ

What recent acquisition did FCPT make?

FCPT acquired a corporate-operated Starbucks property in Alabama for $2.3 million.

What is the significance of the Starbucks acquisition for FCPT?

The acquisition enhances FCPT's portfolio of net-leased restaurant properties and provides a stable revenue stream through a long-term lease.

What is the location of the new Starbucks property acquired by FCPT?

The new Starbucks property is located in a highly trafficked corridor in Alabama.

What was the transaction value of FCPT's recent acquisition?

The transaction value of the recent acquisition was $2.3 million.

How does the acquisition impact FCPT's cash capitalization rate?

The acquisition was priced at a going-in cash capitalization rate consistent with FCPT's previous investments.