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 (“FCPT” or the “Company”), is pleased to announce the
acquisition of 16 Bob Evans Restaurants properties as part of a $35.1
million sale-leaseback transaction. Today’s transaction was completed
simultaneously with Golden Gate Capital’s acquisition of Bob Evans
Restaurants from Bob Evans Farms, Inc. (NASDAQ: BOBE).
The 16 acquired properties are well-located within highly-trafficked
corridors in Delaware, Indiana, Maryland, Michigan, New York, Ohio,
Pennsylvania, Virginia, and West Virginia. The properties are occupied
under a single triple-net master lease with 20-year initial term. The
transaction was priced at a cap rate consistent with our investment
thresholds and past transactions, and was funded with proceeds from
FCPT’s revolving line of credit. The 16-unit portfolio has conservative
rents and sales performance above the brand’s national average.
Bob Evans Restaurants is one of the leading family dining operators,
with operations in 18 states, a highly recognizable brand and
high-quality real estate located at main intersections in strong
markets. The parent entity, Golden Gate Capital, has established a
strong track record of operational success at other leading restaurant
brands, including Red Lobster, California Pizza Kitchen, and On The
Border.
Bill Lenehan, with FCPT, commented, “We are pleased to announce our
largest sale leaseback to date. The properties have attractive lease
terms, appropriate rent levels, and a large corporate tenant. We have
confidence in the Bob Evans team and Golden Gate Capital to continue to
perform well within the family dining subsector.”
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.fcpt.com/.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment
firm with over $15 billion of capital under management. The principals
of Golden Gate Capital have a long and successful history of investing
across a wide range of industries and transaction types, including
going-privates, corporate divestitures, and recapitalizations, as well
as debt and public equity investments. Representative restaurant/retail
investments sponsored by Golden Gate Capital include Red Lobster,
California Pizza Kitchen, On The Border Mexican Grill & Cantina, Eddie
Bauer, Express, Pacific Sunwear and Zales.
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust