FCPT Announces Acquisition of a Starbucks Property from Washington Prime Group for $1.8 Million

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Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Starbucks property in Connecticut for $1.8 million from Washington Prime Group. This acquisition is part of a larger portfolio, totaling 50 properties worth $80.7 million acquired from the same group. The Starbucks property is secured under a net lease to its corporate entity, with approximately ten years remaining on the lease term. The capitalization rate aligns with FCPT’s investment thresholds, underscoring the strategic value of this acquisition.

Positive

Acquisition of Starbucks property enhances portfolio, valued at $1.8 million.
Total of 50 properties acquired from Washington Prime Group, amounting to $80.7 million.
Long-term lease agreement of approximately ten years provides reliable rental income.

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11/10/2020 - 05:33 PM

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 Starbucks property for $1.8 million from a previously announced Washington Prime Group transaction. The property is located in Connecticut and is under a net lease to the brand’s corporate entity with a lease term of approximately ten years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and past transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 50 properties for $80.7 million from Washington Prime Group.

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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.