FCPT Announces Investment in a Cooper’s Hawk Restaurant Property for $7.8 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Cooper’s Hawk restaurant property for a total investment of $7.8 million. This investment includes tenant improvement allowances and is located in a strong retail corridor in Illinois. The property is corporate-operated and secured under a new long-term triple net lease. The pricing of this transaction aligns with FCPT's previous deals, reflecting consistent cap rates.

Headquartered in Mill Valley, CA, FCPT focuses on owning, acquiring, and leasing restaurant and retail properties, with a strategy to expand its portfolio through net leases.

Positive

• Successful acquisition of a Cooper's Hawk restaurant enhances property portfolio.
• Investment of $7.8 million, including tenant improvement allowances, indicates commitment to quality assets.
• New long-term triple net lease provides stable revenue stream.
• Transaction cap rate is consistent with prior FCPT deals, suggesting financial stability.

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 a Cooper’s Hawk restaurant property for a total investment of $7.8 million, including tenant improvement allowances. The property is located in a strong retail corridor in Illinois and is corporate-operated under a new long-term triple net lease. The transaction was priced at a cap rate in line 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/20230411005897/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What recent acquisition did FCPT announce?

FCPT announced the acquisition of a Cooper's Hawk restaurant property for $7.8 million.

Where is the new property acquired by FCPT located?

The new property is located in a strong retail corridor in Illinois.

What type of lease is associated with the new FCPT property?

The property is secured under a new long-term triple net lease.

What was the investment amount for FCPT's recent acquisition?

The total investment for the acquisition was $7.8 million.

How does the cap rate of the new acquisition compare to previous transactions?

The transaction was priced at a cap rate in line with previous FCPT transactions.