FCPT Announces Acquisition of Two WellNow Urgent Care Properties for $5.4 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has successfully acquired two WellNow Urgent Care properties for $5.4 million. These strategically located properties are situated in high-traffic areas of New York, with both leases held by the corporate entity. The acquisition's pricing aligns with FCPT's historical cap rates, signaling a positive investment move for the company. This transaction reflects FCPT's ongoing strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of two WellNow Urgent Care properties enhances portfolio diversity.
• Total investment of $5.4 million aligns with historical cap rates.

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 two WellNow Urgent Care properties for $5.4 million. The properties are located in highly trafficked corridors in New York and both leases are with the corporate entity. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20211228005162/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did FCPT acquire recently?

FCPT acquired two WellNow Urgent Care properties.

How much did FCPT pay for the acquisition?

FCPT paid $5.4 million for the two properties.

Where are the WellNow Urgent Care properties located?

The properties are located in high-traffic areas of New York.

What type of lease agreements are involved in the acquisition?

Both leases are held by the corporate entity.

What is the significance of the acquisition for FCPT?

The acquisition is part of FCPT's strategy to grow its portfolio of net-leased retail properties.