FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT), a real estate investment trust, has acquired a newly constructed WellNow Urgent Care property for $2.1 million. This acquisition enhances FCPT’s portfolio of net-leased restaurant and retail properties, aligning with their growth strategy. The property is situated in a vibrant retail corridor in New York and was acquired at a cap rate consistent with FCPT’s previous transactions. This strategic move is expected to bolster FCPT's market position and revenue potential.

Positive

• Acquisition of a newly constructed WellNow Urgent Care property for $2.1 million
• Property located in a strong retail corridor in New York
• Transaction cap rate aligns 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 $2.1 million. The property is newly constructed and located in a strong retail corridor in New York. 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/20230313005776/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 latest acquisition made by FCPT?

FCPT has acquired a WellNow Urgent Care property for $2.1 million.

Where is the newly acquired property located?

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

What was the cap rate for the FCPT acquisition?

The acquisition cap rate is consistent with previous FCPT transactions.

How does this acquisition affect FCPT's portfolio?

The acquisition enhances FCPT's portfolio of net-leased restaurant and retail properties.