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 five Burger King properties leased to Cambridge Franchise
Holdings (“Cambridge”) for $11.5 million. The five properties are
located in Keysville, Virginia; Roxboro, North Carolina; Oxford, North
Carolina; Huntsville, Alabama; and Amory, Mississippi. The restaurants
are occupied under new individual triple-net leases with 20-year terms,
and the transaction closed at a going-in cash cap rate consistent with
previously announced transactions. Cambridge, a 98-unit franchisee, has
been actively renovating these properties and will continue to do so
over the next few years.
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 an Olive Garden property in Florida announced
earlier this week.
Bill Lenehan, with FCPT, commented, “We are delighted to partner with
Cambridge and assist their team in its growth. As one of the fastest
growing franchisees in the nation, Cambridge has a superior track record
of success. We look forward to continuing the relationship and doing
additional transactions with Cambridge.”
Matt Perelman, Cambridge’s Co-Founder, stated “We’re extremely excited
to partner with the FCPT team. Their growing reputation is well-deserved
and we look forward to more transactions together.”
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 98 Restaurants, 5 Convenience Stores and real
estate in Alabama, Arkansas, Louisiana, Mississippi, North Carolina,
Tennessee and Virginia. The company aims to grow its restaurants and its
team through consistent, high quality, profitable operations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161028005931/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT