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 Chili’s restaurant property for $2.9 million via a sale-leaseback transaction. The property is located in a strong retail corridor in South Carolina and is occupied under a new triple net lease by a franchisee operator with 20 years of term remaining. The transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transaction costs.
Including today’s acquisitions, in 2020 FCPT completed real estate acquisitions of 101 properties for a total investment of $222.7 million, exclusive of transaction costs.
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.
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO