FCPT Announces Sale-Leaseback of Two Tire Discounters Properties for $5.3 Million

Rhea-AI Summary

Four Corners Property Trust acquires two Tire Discounters properties for $5.3 million via sale-leaseback transaction.

Positive

• Four Corners Property Trust acquires two Tire Discounters properties for $5.3 million.
• The properties are located in North Carolina and Virginia.
• Tire Discounters is the country’s largest family-owned and operated automotive service provider, currently operating over 200 retail locations and growing.
• The transaction was priced at a cap rate in range with previous FCPT transactions.

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 Tire Discounters properties for $5.3 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 North Carolina and Virginia 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; Athens, 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/20230630665488/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire?

Four Corners Property Trust acquired two Tire Discounters properties for $5.3 million.

Where are the properties located?

The properties are located in North Carolina and Virginia.

Who is Tire Discounters?

Tire Discounters is the country’s largest family-owned and operated automotive service provider, currently operating over 200 retail locations and growing.

What was the price of the transaction?

The transaction was priced at $5.3 million.

What is a cap rate?

A cap rate is the ratio of net operating income to property asset value, used to estimate the property's value.