FCPT Announces Acquisition of a VCA Animal Hospital Property for $1.7 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a VCA Animal Hospital property for $1.7 million. This property, situated in a high-traffic area of Michigan, is corporate-operated under a net lease with around 7 years remaining on the lease term. The acquisition was made at a 7.0% going-in cash capitalization rate, excluding transaction costs. This purchase aligns with FCPT's strategy to enhance its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of VCA Animal Hospital property at $1.7 million enhances asset portfolio.
• Property located in a high-traffic area in Michigan indicates potential for stable revenue.
• The acquisition is backed by a corporate-operated net lease with 7 years remaining.

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 VCA Animal Hospital property for $1.7 million. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a net lease with approximately 7 years of term remaining. The transaction was priced at a 7.0% going-in cash 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/20220106005870/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

 

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire in Michigan?

FCPT acquired a VCA Animal Hospital property.

What was the acquisition price for the VCA Animal Hospital?

The property was acquired for $1.7 million.

What is the capitalization rate for the VCA Animal Hospital acquisition?

The acquisition was priced at a 7.0% going-in cash capitalization rate.

How long is the lease term for the VCA Animal Hospital property?

The net lease has approximately 7 years remaining.