FCPT Announces Acquisition of an Advance Auto Parts Property for $715,000

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired an Advance Auto Parts property in Michigan for $715,000. This acquisition is situated in a high-traffic area and is secured by a net lease to the corporate entity, with approximately three years remaining on the lease term. The deal was completed at a 7.9% capitalization rate, excluding transaction costs, marking a strategic addition to FCPT's portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of an Advance Auto Parts property enhances portfolio diversity.
• Strategically located in a high-traffic corridor, potentially increasing foot traffic.
• Secured net lease with approximately three years remaining provides stable income.

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 an Advance Auto Parts property for $715,000. The property is located in a highly trafficked corridor in Michigan and is occupied under a net lease to the corporate entity with approximately three years of term remaining. The transaction was priced at a 7.9% capitalization rate, 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/20221013005915/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 significance of FCPT's acquisition of the Advance Auto Parts property?

The acquisition enhances FCPT's portfolio by adding a strategically located property, offering stable income through a net lease.

What is the transaction value of FCPT's recent property acquisition?

FCPT acquired the Advance Auto Parts property for $715,000.

What is the capitalization rate for the Advance Auto Parts acquisition by FCPT?

The acquisition was priced at a 7.9% capitalization rate.

Where is the newly acquired Advance Auto Parts property located?

The property is located in a highly trafficked corridor in Michigan.

How much lease term remains on the Advance Auto Parts property acquired by FCPT?

There are approximately three years of lease term remaining on the property.