FCPT Announces Acquisition of an Advance Auto Parts Property for $928,000

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired an Advance Auto Parts property for $928,000 in Michigan. This property, located in a high-traffic area, is leased to the corporate entity with about four years remaining on the lease. The acquisition was made at a capitalization rate of 7.15%, excluding transaction costs. FCPT focuses on owning and acquiring net-leased restaurant and retail properties, aiming to expand its portfolio within these sectors.

Positive

• Acquisition of Advance Auto Parts property enhances portfolio.
• Transaction priced at a strong 7.15% capitalization rate.
• Property located in a highly trafficked area.

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 $928,000. The property is located in a highly trafficked corridor in Michigan and is occupied under a net lease to the corporate entity with approximately four years of term remaining. The transaction was priced at a 7.15% 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/20220715005428/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 recent acquisition of an Advance Auto Parts property?

The acquisition enhances FCPT's portfolio in the retail sector and is expected to generate stable revenue.

What was the purchase price for the Advance Auto Parts property acquired by FCPT?

FCPT acquired the property for $928,000.

What is the expected return on investment for the Advance Auto Parts property acquisition?

The transaction was priced at a 7.15% capitalization rate, offering a competitive return.

How long is the lease term remaining for the Advance Auto Parts property?

The property has approximately four years remaining on the lease.

Where is the newly acquired Advance Auto Parts property located?

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