FCPT Announces Acquisition of a Torchy’s Tacos Property from Seritage Transaction for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Torchy’s Tacos property for $2.2 million from a previous Seritage transaction. This property, located in Florida, operates under a triple net lease with around 6 years remaining on the lease term. The acquisition is part of a broader strategy, as FCPT has now acquired a total of 26 properties for $78.2 million from Seritage since October 2019. The transaction was priced at a cap rate consistent with previous acquisitions by FCPT.

Positive

• Acquisition of Torchy's Tacos property for $2.2 million enhances FCPT's portfolio.
• Total of 26 properties acquired from Seritage for $78.2 million signals strong growth.
• Property is located in a strong retail corridor, improving potential revenue.

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 Torchy’s Tacos property for $2.2 million from the Seritage transaction previously announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Florida and is corporate-operated under a triple net lease with approximately 6 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s transaction, FCPT has acquired a total of 26 properties for $78.2 million from Seritage.

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/20221019005993/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 in October 2023?

FCPT acquired a Torchy's Tacos property for $2.2 million from Seritage.

How many properties has FCPT acquired from Seritage?

FCPT has acquired a total of 26 properties from Seritage, amounting to $78.2 million.

What type of lease is associated with the Torchy's Tacos property acquired by FCPT?

The Torchy's Tacos property operates under a triple net lease.

Where is the newly acquired Torchy's Tacos property located?

The Torchy's Tacos property is located in Florida.

What is the remaining lease term for the newly acquired property?

The property has approximately 6 years remaining on its lease term.