FCPT Announces Acquisition of Two WellNow Urgent Care Properties for $6.4 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two WellNow Urgent Care properties for $6.4 million from ComptonAddy. Located in prime retail areas in Ohio, the newly constructed properties are leased to a corporate operator, boasting a remaining lease term of 10 years. The transaction achieved a 6.2% cap rate on the rent, exclusive of transaction costs. This strategic acquisition enhances FCPT's portfolio, focused on high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of two WellNow Urgent Care properties for $6.4 million.
• Newly constructed properties located in strong retail corridors.
• Corporate-operated leases with 10 years remaining.

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 $6.4 million from ComptonAddy. The properties are newly constructed and located in strong retail corridors in Ohio. They are corporate-operated under net leases with 10 years of term remaining. The transaction was priced at a 6.2% cap rate on rent as of the closing date, 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/20221129005970/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?

FCPT acquired two WellNow Urgent Care properties.

How much did FCPT pay for the acquisition?

FCPT paid $6.4 million for the acquisition.

What is the cap rate for the acquisition?

The acquisition was priced at a 6.2% cap rate.

Where are the acquired properties located?

The properties are located in Ohio.

What is the lease term remaining for the acquired properties?

There are 10 years remaining on the leases.