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 Taco Bell property in Newburgh, Indiana for $1.3
million. The restaurant is occupied under a triple-net lease with
approximately 5 years of term remaining. The transaction closed at a
going-in cash cap rate of 6.7%, exclusive of transaction costs. The
tenant is a subsidiary of Bell American Group LLC, which operates over
250 Taco Bell restaurants under Flynn Restaurant Group, the largest
restaurant franchisee in the United States.
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/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161115006840/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust