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 two properties leased to K-MAC Enterprises, LLC (“KMAC”)
for $3.4 million. The properties are located in Indiana and occupied
under individual triple-net leases with new 20-year terms, which were
negotiated by FCPT prior to closing. Both sites are scheduled to be
remodeled in the next 4 years, which will include decoupling from a
combination KFC / Taco Bell to a single concept Taco Bell at one of the
properties. KMAC is one of the largest YUM! Brands franchisees, with
over 280 Taco Bell and KFC units across the Midwest and Southeast. The
transaction was priced at a 6.5% going-in cash cap rate, pro forma for
the amended terms of the lease.
Bill Lenehan, CEO of FCPT, commented “We are pleased to announce another
transaction demonstrating FCPT as an attractive landlord partner for
restaurant operators. Our team’s ability to be nimble in lease
negotiations resulted in a new long-term agreement with a strong credit
tenant.”
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/.
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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