FCPT Announces Acquisition of a Verizon Property for $1.1 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Verizon property in Florida for $1.1 million. The property, leased to Cellular Sales of Knoxville, features a remaining lease term of approximately four years and was acquired at a 7.15% cash cap rate. This strategic acquisition aligns with FCPT's objective of expanding its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of Verizon property for $1.1 million, enhancing portfolio.
• Transaction priced at a favorable 7.15% cash cap rate.
• Property has four years remaining on lease, ensuring stable cash flow.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Verizon property for $1.1 million. The property is occupied by a Verizon retail operator (Cellular Sales of Knoxville) with over 780 locations and is subject to a net lease with approximately four years of term remaining. The transaction was priced at a 7.15% going-in cash cap rate, exclusive of transaction costs. The property is located in Florida.

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, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at http://www.fcpt.com/.