FCPT Announces Acquisition of a Tires Plus Property for $2.3 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Tires Plus property in Illinois for $2.3 million. The property, located in a busy retail corridor, is occupied under a triple net lease with approximately one year remaining on the lease term. The acquisition was made at a capitalization rate of 6.7%, exclusive of transaction costs. This move aligns with FCPT's strategy to expand its portfolio of high-quality net-leased restaurant and retail properties.

Positive

• Acquisition of a Tires Plus property valued at $2.3 million.
• Strategic location in a dense retail corridor.
• Triple net lease with one year remaining, providing stable income.
• Acquisition priced at a 6.7% capitalization rate, indicating a favorable investment.

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 Tires Plus property for $2.3 million. The property is located in a dense retail corridor in Illinois and is occupied under a triple net lease to the corporate entity with approximately one year of term remaining. The transaction was priced at a 6.7% capitalization rate, exclusive of transaction costs.

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/20220425005849/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 Tires Plus property in Illinois for $2.3 million.

What is the significance of the acquisition's location?

The property is situated in a dense retail corridor, enhancing its potential for stable returns.

What type of lease is associated with the new Tires Plus property?

The property is occupied under a triple net lease with approximately one year remaining.

What is the capitalization rate for this acquisition?

The acquisition was priced at a capitalization rate of 6.7%, exclusive of transaction costs.