FCPT Announces Acquisition of Texas Roadhouse, Olive Garden, and Arby’s Properties for $4.9 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--May 1, 2019--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Texas Roadhouse property, an Olive Garden property, and an Arby’s property for an aggregate amount of $4.9 million. All three properties are outparcels to a mall located in Logan, Utah and are leased to corporate operators under triple net leases with approximately 7 years of weighted average term remaining. The transaction was priced at a 6.8% 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, on a net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190501006074/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA UTAH
INDUSTRY KEYWORD: RESTAURANT/BAR REIT RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2019.
PUB: 05/01/2019 05:42 PM/DISC: 05/01/2019 05:42 PM