FCPT Announces Sale-Leaseback of a Jiffy Lube Property for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announces the acquisition of a Jiffy Lube property for $1.6 million through a sale-leaseback transaction. Located in a strong retail corridor in Indiana, the site is leased to Hoosier Automotive Services under a new triple net lease with 15 years remaining. The transaction's terms align with previous acquisitions by FCPT, indicating a consistent investment strategy.

Positive

• Acquired Jiffy Lube property for $1.6 million.
• Property located in a strong retail corridor.
• New lease with 15 years remaining.
• Transaction terms consistent with past FCPT deals.

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 a Jiffy Lube property for $1.6 million via a sale-leaseback transaction. The property is located in a strong retail corridor in Indiana and is occupied under a new triple net lease by a franchisee operator (Hoosier Automotive Services) with 15 years of term remaining. The transaction was priced at a going-in cash capitalization 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201231005251/en/

FAQ

What is the recent acquisition by FCPT?

FCPT recently acquired a Jiffy Lube property for $1.6 million.

What type of lease is associated with the Jiffy Lube property?

The Jiffy Lube property is occupied under a new triple net lease.

How long is the lease term for the Jiffy Lube property?

The lease term for the Jiffy Lube property is 15 years.

In which state is the acquired Jiffy Lube property located?

The Jiffy Lube property is located in Indiana.

What is the stock symbol for Four Corners Property Trust?

The stock symbol for Four Corners Property Trust is FCPT.