FCPT Announces Acquisition of Six Red Lobster Restaurant Properties for $25.9 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 17, 2018--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 six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. The six newly acquired properties are under a single, triple-net master lease which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The 8-unit master lease has approximately 21 years of term remaining and annual rent escalations of 2.0%. The transaction was priced at a similar going-in cash capitalization rate as previously announced transactions. Red Lobster operates over 700 restaurants across the country and is the largest casual dining seafood brand in the U.S.
Bill Lenehan, CEO of FCPT, stated, “This transaction marks over $510 million in closed deals since our investment platform launched in July 2016. To date, FCPT has closed $449 million of acquisitions across 197 properties and sold seven Darden-leased properties for $63 million.”
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
View source version on businesswire.com:https://www.businesswire.com/news/home/20181217005844/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOGerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: RESTAURANT/BAR RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2018.
PUB: 12/17/2018 05:08 PM/DISC: 12/17/2018 05:08 PM