FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.5 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has successfully acquired a WellNow Urgent Care property for $2.5 million. The newly constructed facility is situated in a strong retail corridor in Indiana and is operated under a long-term net lease. The cap rate for this transaction aligns with previous deals made by FCPT, highlighting the company’s strategy of acquiring high-quality, net-leased properties in the restaurant and retail sectors. This acquisition is expected to contribute positively to FCPT's portfolio growth and revenue potential.

Positive

• Acquisition of WellNow Urgent Care property for $2.5 million.
• Property is newly constructed in a strong retail corridor.
• Transaction priced at a cap rate consistent with previous FCPT acquisitions.

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 $2.5 million. The property is newly constructed and located in a strong retail corridor in Indiana and is corporate-operated under a long-term, 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/20230331005394/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 made by FCPT?

FCPT acquired a WellNow Urgent Care property for $2.5 million.

Where is the WellNow Urgent Care property located?

The property is located in Indiana.

What type of lease is associated with the acquired property?

The property is operated under a long-term net lease.

What is the significance of the cap rate for this transaction?

The cap rate aligns with previous FCPT transactions, indicating consistency in their acquisition strategy.

How does this acquisition impact FCPT's portfolio?

The acquisition is expected to enhance FCPT's portfolio growth and revenue potential.