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
properties in Wake Forest, North Carolina and South Hill, Virginia for
$4.3 million. The restaurants are occupied under individual triple-net
leases 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. These acquisitions represent our
second transaction with the same seller and same franchisee, and
resulted from FCPT’s performance in connection with its acquisition of
the two Arby’s in September of this year.
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/.
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Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT