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 the real estate of
four KFC restaurants in the Detroit, Michigan MSA for $3.9mm. FCPT
funded the acquisition with cash on hand. The restaurants are 100%
occupied under new triple-net leases with terms of 20 years, and the
transaction closed at a going-in cash cap rate consistent with
previously announced transactions. KBP Foods, a 360 unit franchisee, has
committed to renovate the properties in the next few years.
Bill Lenehan, FCPT’s Chief Executive Officer, commented, “It was a
pleasure working with KBP Foods. We are very impressed with KBP’s
operating acumen and their track record of growth. As one of the top 20
restaurant franchisees in the country with a solid credit profile, we
hope to do additional transactions with them going forward.”
Barry Dubin, KBP Foods' Chief Development Officer, commented, “We
received senior attention from FCPT from day one. We look forward
to working with them on additional real estate transactions in the
future.”
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/20160914006415/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
or
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT