FCPT Announces Acquisition of a BJ’s Restaurant Property for $4.2 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 28, 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 BJ’s Restaurant and Brewhouse property for $4.2 million. The property is located in Michigan and is occupied under a triple-net lease by BJ’s Restaurants, Inc. (NASDAQ: BJRI) with approximately 13 years of term remaining and 10% rent escalations every five years beginning in April 2022. The transaction was priced at a 6.5% 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/20181228005209/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MICHIGAN
INDUSTRY KEYWORD: RESTAURANT/BAR REIT RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Corners Property Trust
Copyright Business Wire 2018.
PUB: 12/28/2018 04:05 PM/DISC: 12/28/2018 04:05 PM