FCPT Announces Sale-Leaseback of Four Tire Discounters Properties for $9.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired four Tire Discounters properties for $9.1 million through a sale-leaseback transaction. Tire Discounters is the largest family-owned automotive service provider in the US, with over 200 retail locations. The properties are located in Virginia, Georgia, and Ohio, and are corporate-operated under long-term, triple net leases.

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 four Tire Discounters properties for $9.1 million via sale-leaseback transaction. Tire Discounters is the country’s largest family-owned and operated automotive service provider, currently operating over 200 retail locations and growing. The properties are located in Virginia (2), Georgia (1), and Ohio (1), and are corporate-operated under long-term, triple net leases. 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.

About Tire Discounters

Tire Discounters was founded by Chip Wood in 1976 and is still family-owned and operated. Chip remains the sole owner and company Chairman, but over the past several years has been smoothly transitioning to the second generation of leadership. President Jamie Ward, a valued employee for over 25 years, is now the driving force in the company day-to-day, working closely with Chip’s children, Anna, Steven, and Evan Wood, to help them learn the business from the ground up.

Tire Discounters is the nation’s largest, 100% family-owned and operated independent tire provider and is growing rapidly. The company leads the way in providing unique and innovative customer benefits designed to make tires last longer and maximize the overall performance of a vehicle. Tire Discounters’ ASE-certified technicians provide routine automotive repair and factory scheduled maintenance. Tire Discounters currently employs more than 2,000 people in over 200 locations in Ohio, Kentucky, Indiana, Tennessee, Georgia, Alabama, North Carolina, and Virginia.

Tire Discounters also operates five distribution centers, located in Sharonville, Ohio; Mt. Juliet, Tennessee; Atlanta, Georgia and Monroe, Georgia. The company’s headquarters are in downtown Cincinnati, Ohio. https://www.tirediscounters.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230815822070/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the company that acquired the Tire Discounters properties?

The company that acquired the Tire Discounters properties is Four Corners Property Trust (FCPT).

How much did FCPT pay for the acquisition?

FCPT paid $9.1 million for the acquisition of the Tire Discounters properties.

What is Tire Discounters?

Tire Discounters is the largest family-owned and operated automotive service provider in the US, with over 200 retail locations.

Where are the acquired properties located?

The acquired properties are located in Virginia (2), Georgia (1), and Ohio (1).

What type of leases are the properties operated under?

The properties are corporate-operated under long-term, triple net leases.