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 sixteen KFC properties in Wisconsin, Indiana and Michigan
for $21.1 million. The restaurants are occupied under new triple-net
leases with 20-year terms, of which seven properties are under a
master-lease and nine properties are under individual leases. The
transaction closed at a going-in cash cap rate of 6.5%, exclusive of
transaction costs. The tenant has a strong track record as a YUM! Brands
operator, with over 130 KFC and Taco Bell units, in addition to units
with other restaurant concepts.
FCPT funded the acquisition with proceeds from its revolving line of
credit and from an Internal Revenue Code Section 1031 like-kind exchange
(“1031-Exchange”) sale of a Bahama Breeze property in Florida announced
in October 2016.
Bill Lenehan, with FCPT, commented, “We are pleased to announce our
largest sale leaseback to date, in a transaction consistent with our
stated acquisition program. Our newest operating partner is an
experienced franchisee who is a strong credit tenant.”
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