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 Dairy Queen
restaurant in Tulsa, Oklahoma for $2.6 million. The restaurant is
occupied under a triple-net lease with approximately 18 years of term
remaining, and the transaction closed at a going-in cash cap rate of
6.6%, exclusive of transaction costs. The property performs well-above
national average for the brand, is located in a well-trafficked retail
corridor, and the tenant is one of the largest franchisees for Dairy
Queen nationwide.
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/20161020006435/en/
FCPT
Bill Lenehan, 415-965-8031
CEO
or
Gerry Morgan,
415-965-8032
CFO
Source: Four Corners Property Trust