FCPT Announces Acquisition of a Starbucks Property for $1.1 million

Company Release - 10/30/2018 5:43 PM ET

MILL VALLEY, Calif.--(BUSINESS WIRE)-- 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 Starbucks property for $1.1 million. The property is located in Alabama and is occupied under a double-net lease guaranteed by Starbucks corporate with approximately nine years of term remaining and a 10% rent escalation in March 2023. The transaction was priced at a 7.2% 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, 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/.

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032

Source: Four Corners Property Trust