FCPT Announces Acquisition of Chick-Fil-A and Chipotle Restaurant Properties from PREIT for $2.9 Million

Company Release - 3/3/2020 5:39 PM ET

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of Chick-Fil-A and Chipotle restaurant properties for a combined $2.9 million. The properties are located in South Carolina and are occupied under net leases with 12.8 years of weighted average term remaining. The Chick-Fil-A property was newly constructed in 2018 and both properties are leased to their respective corporate operators. This transaction is the third closing of the previously announced PREIT (NYSE: PEI) outparcel portfolio transaction in November 2019, priced at a 6.5% going-in cash cap rate, on a portfolio basis, 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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO

Gerry Morgan, 415-965-8032
CFO

Source: Four Corners Property Trust