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
three Buffalo Wild Wings restaurants in Galesburg and Macomb, Illinois
and Burlington, Iowa for $7.9 million. FCPT funded the acquisition with
cash on hand. The restaurants are 100% occupied under triple-net leases
with 12 years of term remaining, and the transaction closed at a
going-in cash cap rate of 6.5%, exclusive of transaction costs. The
properties are well-located within their respective communities and have
strong rent coverages.
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/20160915006546/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
or
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT