FCPT Announces Acquisition of a Truist Bank Branch Property From Seritage Transaction for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Truist Bank property for $2.2 million in Virginia, expanding its portfolio from the Seritage transaction initially announced in October 2019. This acquisition brings the total number of properties acquired from Seritage to 20, with a cumulative investment of $61 million. The newly acquired property features a corporate lease with a remaining term of approximately nine years and is located in a high-traffic area.

Positive

• Acquisition of a Truist Bank property for $2.2 million.
• Total of 20 properties acquired from Seritage for $61 million.
• Property located in a high-traffic, populated corridor.
• Remaining lease term of approximately nine years.

Negative

• None.

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 Truist Bank property for $2.2 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property (corporate lease) is located in Virginia and is situated within a highly trafficked and populated corridor. The property has a remaining term of approximately nine years. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 20 properties for $61 million from Seritage.

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.