FCPT Announces Acquisition of an Arby’s Restaurant Property for $1.6 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Aug 6, 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 a corporate-operated Arby’s restaurant property for $1.6 million. The property is located in Michigan and is occupied under a triple-net lease guaranteed by Arby’s corporate entity with approximately 6 years of term remaining. 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, 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/20180806005630/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: RESTAURANT/BAR PROFESSIONAL SERVICES REIT FINANCE RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
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PUB: 08/06/2018 04:31 PM/DISC: 08/06/2018 04:31 PM