FCPT Announces Acquisition of an Individual Starbucks and a Dual-Tenant Aspen Dental / WellNow Urgent Care for $6.8 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two properties for $6.8 million in Illinois, consisting of a Starbucks and a dual-tenant site leased to Aspen Dental and WellNow Urgent Care. The leases are under long-term double-net agreements with the brand’s corporate tenant, ensuring stable income. The transaction was priced at a 6.4% cash capitalization rate post-property management expenses, highlighting its strategic acquisition in a prime retail corridor. This move aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of two properties for $6.8 million enhances portfolio diversification.
• Long-term double-net leases provide stable cash flow from corporate tenants.
• Strategically located in a dense retail corridor increases potential for growth.

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 $6.8 million, an individual Starbucks and a dual-tenant property leased to Aspen Dental and WellNow Urgent Care. All three leases are with the brand’s corporate tenant under long term double-net leases. The properties are located in a dense retail corridor in Illinois. The transaction was priced at a 6.4% going-in cash capitalization rate, after property management expenses and 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/20210318005918/en/

FAQ

What properties did FCPT acquire for $6.8 million?

FCPT acquired a Starbucks and a dual-tenant property leased to Aspen Dental and WellNow Urgent Care.

What is the cash capitalization rate of the recent acquisition by FCPT?

The acquisition was priced at a 6.4% cash capitalization rate after property management expenses.

Why is the acquisition significant for FCPT?

The acquisition strengthens FCPT's portfolio by adding high-quality, net-leased restaurant properties in a prime retail location.

Where are the newly acquired properties located?

The acquired properties are located in a dense retail corridor in Illinois.