FCPT Announces Acquisition of LongHorn Steakhouse and Olive Garden Restaurant Properties From Pyramid Management Group for $3.3 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 LongHorn Steakhouse property and an Olive Garden property for $3.3 million from Pyramid Management Group .

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Friday, December 6, 2019
Information
Tags: 
REIT, Restaurant, Bar, Retail, Commercial Building & Real Estate, Construction & Property, Real estate investing
Geotags: 
United States, California, 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 LongHorn Steakhouse property and an Olive Garden property for $3.3 million from Pyramid Management Group .
  • The transaction was priced at a 7.0% going-in cash cap rate, exclusive of transaction costs.
  • 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 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 LongHorn Steakhouse property and an Olive Garden property for $3.3 million from Pyramid Management Group. The properties are outparcels to Salmon Run, a Pyramid-owned shopping, dining and entertainment destination located in Watertown, New York and are occupied under triple net leases with 4 years of weighted average term remaining. The transaction was priced at a 7.0% going-in cash cap 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 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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