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

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a WellNow Urgent Care property in Michigan for $2.4 million. This newly constructed facility operates under a net lease with 10 years remaining. The acquisition is significant, being priced at a 6.3% cap rate on rent at closing. FCPT focuses on high-quality net-leased restaurant and retail properties, aiming to expand its portfolio in the sector.

Positive

• Acquisition of a strategically located WellNow Urgent Care property for $2.4 million.
• This property provides a steady income stream with a net lease and 10 years remaining on the lease term.
• Acquisition priced at a favorable 6.3% cap rate, indicating strong potential returns.

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 Michigan. It is corporate-operated under a net lease with 10 years of term remaining. The transaction was priced at a 6.3% cap rate on rent as of the closing date, 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/20221220005650/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 value of the property acquired by FCPT?

The property acquired by FCPT is valued at $2.4 million.

What type of property did FCPT acquire?

FCPT acquired a WellNow Urgent Care property.

What is the cap rate for the new acquisition by FCPT?

The acquisition was priced at a 6.3% cap rate.

How long is the lease term remaining on the acquired property?

The acquired property has 10 years remaining on its net lease.

Where is the newly acquired WellNow Urgent Care property located?

It is located in Michigan.