FCPT Announces Acquisition of a Thrive Pet Healthcare Property for $12.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Thrive Pet Healthcare property for $12.5 million. Located in a prime retail corridor in Illinois, the property features a significantly larger building compared to FCPT's other acquisitions. It is corporate-operated and secured under a net lease with 15 years remaining. The acquisition's cap rate aligns with FCPT's previous transactions, highlighting its strategic fit within the company's portfolio focused on high-quality retail properties.

Positive

• Acquisition of Thrive Pet Healthcare for $12.5 million.
• Property located in a strong retail corridor.
• Corporate-operated lease with 15 years remaining.
• Transaction cap rate consistent with past acquisitions.

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 Thrive Pet Healthcare property for $12.5 million. The property is located in a strong retail corridor in Illinois with a building considerably larger than most of FCPT’s acquisitions and is corporate-operated under a net lease with 15 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/20220708005548/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 recent acquisition by FCPT?

FCPT recently acquired a Thrive Pet Healthcare property for $12.5 million.

Where is the new FCPT property located?

The new FCPT property is located in Illinois.

What is the lease term for the acquired property?

The lease for the acquired property has 15 years remaining.

What type of lease is associated with the Thrive Pet Healthcare property?

The property is secured under a net lease.

How does this acquisition impact FCPT's portfolio?

This acquisition enhances FCPT's portfolio with a high-quality, corporate-operated property in a strong retail area.