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 seven Burger King properties leased to Cambridge
Franchise Holdings (“Cambridge”) for $16.0 million. The properties are
occupied under two separate triple-net master leases with 20-year
initial terms and above average brand performance. The first master
lease pool consists of four properties in Mississippi and Tennessee that
have all been recently renovated and re-imaged by Cambridge. The second
master lease pool consists of three properties in Mississippi and
Indiana that are newly constructed. This is the third transaction with
Cambridge, now a 120-unit franchisee, at a similar going-in cash cap
rate as previously announced transactions.
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 Cambridge Franchise Holdings
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman and
Alex Sloane in partnership with Ray Meeks, a 30-year Burger King
franchisee and seasoned restaurant operator. Cambridge Franchise
Holdings owns and operates 120 Restaurants, 5 Convenience Stores and
real estate in Alabama, Arkansas, Indiana, Kentucky, Louisiana,
Mississippi, North Carolina, Tennessee and Virginia. The company aims to
grow its restaurants and its team through consistent, high quality,
profitable operations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170630005711/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust