FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.4 million

Rhea-AI Summary

Four Corners Property Trust (FCPT), a real estate investment trust focused on net-leased restaurant and retail properties, has acquired a WellNow Urgent Care property in Indiana for $2.4 million. This newly constructed property is strategically situated in a robust retail corridor and is leased under a corporate-operated net lease. The acquisition is priced at a cap rate consistent with previous FCPT transactions, indicating a stable investment aligned with the company's growth strategy.

Positive

• Acquisition of a newly constructed WellNow Urgent Care property for $2.4 million, indicating expansion into health services.
• Location in a strong retail corridor suggests high visibility and potential for revenue growth.
• Property leased under a corporate-operated net lease, ensuring reliable income.

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 WellNow Urgent Care property for $2.4 million. The property is newly constructed and located in a strong retail corridor in Indiana and is corporate-operated under a net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20230419005867/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 has acquired a WellNow Urgent Care property for $2.4 million.

Where is the newly acquired property located?

The property is located in Indiana.

What type of lease is associated with the WellNow Urgent Care property?

The property is under a corporate-operated net lease.

What is the significance of the acquisition for FCPT?

The acquisition signifies FCPT's strategy to expand its portfolio into health services while maintaining a focus on net-leased properties.

What was the cap rate for the acquisition?

The acquisition was priced at a cap rate in range with previous FCPT transactions.