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 four Burger King properties leased to Cambridge Franchise
Holdings (“Cambridge”) for $7.7 million. The four properties are located
in Tennessee and are occupied under new, individual triple-net leases
with 20-year terms and above brand average performance. The transaction
is a follow-on from the previous transaction with Cambridge in October
at the same going-in cash cap rate. Cambridge, a 102-unit franchisee,
will actively invest and renovate these properties over the next few
years.
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 will seek to grow its portfolio by acquiring
additional real estate to lease, on a triple-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.fourcornerspropertytrust.com/.
About Cambridge Franchise Holdings
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman and
Alex Sloane in partnership with Ray Meeks, a 30-year Burger King
franchisee and seasoned restaurant operator. Cambridge Franchise
Holdings owns and operates 102 Restaurants, 5 Convenience Stores and
real estate in Alabama, Arkansas, Louisiana, Mississippi, North
Carolina, Kentucky, Tennessee and Virginia. The company aims to grow its
restaurants and its team through consistent, high quality, profitable
operations.
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Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT