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 Hardee’s properties, three in Georgia and one in
Alabama, for $7.0 million. The restaurants are occupied under a new
triple-net master lease with 20-year term. The transaction closed in
conjunction with the tenant’s acquisition of the Georgia sites’
operations, and was priced at a going-in cash cap rate of 6.5%,
exclusive of transaction costs. The restaurants are above average
performers for the brand and well-located in their respective
communities. The tenant has a strong performance record within the
Hardee’s system.
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/.
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Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust