FCPT Announces Sale Leaseback of a BJ’s Restaurant Property for $3.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a newly constructed BJ's Restaurant property for $3.8 million through a sale-leaseback transaction. The property, located in Ohio, is under a triple-net lease with a 15-year term and four 5-year extension options. This acquisition marks the second and final purchase from a two-property sale-leaseback deal with BJ's Restaurants announced in September 2020. The transaction cap rate aligns with FCPT's previous acquisitions, supporting its strategy to expand its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of a newly constructed BJ's Restaurant property for $3.8 million.
• The property has a 15-year triple-net lease with four 5-year options.
• Transaction aligns with previous acquisition cap rates, indicating stability.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 a corporate-operated BJ’s Restaurant (NASDAQ: BJRI) property for $3.8 million via a sale-leaseback. The property is newly constructed and located in Ohio and is occupied under a triple-net lease with 15.0 years of term, and four, 5-year options. This transaction is the second and last acquisition of the two-property sale-leaseback with BJRI announced in September 2020. 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 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.

About BJ’s Restaurants, Inc.

BJ’s Restaurants, Inc. (“BJ’s”) is a national brand with brewhouse roots and a menu where craft matters. BJ’s broad menu with a wide variety of menu offerings has something for everyone: slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. BJ’s has been a pioneer in the craft brewing world since 1996, and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in five states and by independent third party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates 210 casual dining restaurants in 29 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington. All restaurants offer dine-in, take-out, delivery and large party catering. Due to the COVID-19 pandemic, one of our restaurants remains temporarily closed, and dine-in service is currently limited or not available and menu offerings and hours are limited in our remaining 209 restaurants. For more BJ’s information, visit http://www.bjsrestaurants.com.