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, is pleased to announce the acquisition of two Arby’s
restaurants in Roanoke Rapids and Rocky Mount, North Carolina for $3.5
million. FCPT funded the acquisition with cash on hand. The restaurants
are occupied under a triple-net lease with approximately 18 years of
remaining term, and the transaction closed at a going-in cash cap rate
of 6.6%, exclusive of transaction costs. The properties are above
average performers in well-trafficked retail corridors, and the tenant
is a growing and profitable franchisee.
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/20160906006429/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust