FCPT Announces Acquisition of an Advance Auto Parts Property for $1.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired an Advance Auto Parts property for $1.8 million. The site is situated in a robust retail corridor in Texas and is currently leased to the corporate operator with approximately 6 years remaining on the term. The acquisition boasts a favorable 6.7% cash capitalization rate, excluding transaction costs, indicating a sound investment strategy aimed at enhancing FCPT's portfolio.

Positive

• Acquisition of Advance Auto Parts property for $1.8 million.
• Located in a strong retail corridor in Texas.
• Net lease with corporate operator and approximately 6 years remaining.
• Transaction priced at a 6.7% going-in cash capitalization rate.

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 an Advance Auto Parts property for $1.8 million. The property is located in a strong retail corridor in Texas and is occupied under a net lease with the corporate operator with approximately 6 years of term remaining. The transaction was priced at a 6.7% going-in cash capitalization rate, exclusive of transaction costs.

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/20210317005797/en/

FAQ

What property did FCPT acquire?

FCPT acquired an Advance Auto Parts property.

How much did FCPT pay for the acquisition?

FCPT paid $1.8 million for the property.

What is the cash capitalization rate of the acquisition?

The acquisition has a going-in cash capitalization rate of 6.7%.

Where is the acquired property located?

The property is located in a strong retail corridor in Texas.

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

There are approximately 6 years remaining on the lease term.