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 a Wendy’s
restaurant in Odessa, TX for $2.1 million. FCPT funded the acquisition
with cash on hand. The restaurant is occupied under a triple-net lease
with approximately 10 years of remaining term, and the transaction
closed at a going-in cash cap rate of 6.5%, exclusive of transaction
costs. The property is a strong performer in an attractive location, and
the tenant is an experienced Wendy’s franchisee with strong credit.
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/20160802006963/en/
Four Corners Property Trust, Inc.
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust, Inc.