FCPT Announces Acquisition of an Individual Chili’s and a Dual-Tenant Starbucks / T-Mobile for $5.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two properties for $5.8 million, including a Chili’s location and a dual-tenant property leased to Starbucks and T-Mobile. Both properties feature long-term, net leases with corporate tenants and are situated in prime retail areas in Massachusetts and New York. The acquisition's capitalization rate aligns with FCPT's historic transactions, reaffirming the company's strategy to enhance its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of two net-leased properties enhances portfolio.
• Both properties are located in high-traffic retail areas.
• Long-term leases provide stable revenue streams.

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 two properties for $5.8 million, an individual Chili’s and a dual-tenant property leased to Starbucks and T-Mobile. All three leases are with the brand’s corporate tenant under long-term, net leases. The properties are both newer builds and located in dense retail corridors in Massachusetts and New York. 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/20210401005932/en/

FAQ

What properties did FCPT acquire in the recent announcement?

FCPT acquired a Chili's location and a dual-tenant property leased to Starbucks and T-Mobile.

What was the total acquisition cost for the properties?

The total acquisition cost was $5.8 million.

Where are the newly acquired properties located?

The properties are located in Massachusetts and New York.

What type of leases do the new properties have?

The new properties have long-term, net leases with corporate tenants.

How does the acquisition align with FCPT's strategy?

The acquisition aligns with FCPT's strategy to grow its portfolio of high-quality, net-leased restaurant properties.