FCPT Announces Acquisition of a Two Property Portfolio for $2.7 Million

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 Chilis restaurant property and a Monro Auto Service and Tire Center property for $2.7 million.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, June 10, 2021
Information
Tags: 
Commercial Building & Real Estate, Construction & Property, Restaurant, Bar, Automotive, Tires & Rubber, REIT, General Automotive, Retail, Leasing, NNN lease, Real property law, Real estate investing, Finance, Real estate, Land law
Geotags: 
California, United States, MILL VALLEY, NEW YORK
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FCPT
Summary
Key Points: 
  • 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 Chilis restaurant property and a Monro Auto Service and Tire Center property for $2.7 million.
  • The properties are located in a strong retail corridor in New York and are both corporate-operated under triple net ground leases with approximately four years of weighted average term remaining.
  • 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.


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 and a Monro Auto Service and Tire Center property for $2.7 million. The properties are located in a strong retail corridor in New York and are both corporate-operated under triple net ground leases with approximately four years of weighted average term remaining. The transaction was priced at a 7.0% capitalization rate, 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.

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