FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.3 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a corporate WellNow Urgent Care property for $2.3 million. This property, situated in a strong retail corridor in New York, is leased under a long-term agreement. The acquisition reflects a capitalization rate in line with previous FCPT transactions, indicating consistency in their investment strategy. FCPT focuses on high-quality, net-leased restaurant properties and aims to expand its portfolio within the restaurant and retail sectors.

Positive

• Acquisition of WellNow Urgent Care for $2.3 million enhances property portfolio.
• Long-term net lease secured, ensuring steady income flow.
• Transaction capitalization rate aligns with previous acquisitions, indicating strategic consistency.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a corporate WellNow Urgent Care property for $2.3 million. The property is located in a strong retail corridor in New York and is occupied under a long-term net lease. The transaction was priced at a capitalization rate consistent with previous FCPT transactions.

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 www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210528005491/en/

FAQ

What is the recent acquisition made by FCPT?

FCPT recently acquired a corporate WellNow Urgent Care property for $2.3 million.

Where is the WellNow Urgent Care property located?

The property is located in a strong retail corridor in New York.

What type of lease is associated with the WellNow property?

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

How does this acquisition impact FCPT's portfolio?

This acquisition enhances FCPT's portfolio by adding a net-leased property in the healthcare sector.

What is the capitalization rate for the recent transaction?

The transaction was priced at a capitalization rate consistent with previous FCPT transactions.