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 a dual-tenant MOD Pizza and Del Taco restaurant property
through a sale-leaseback with TEAM Schostak Family Restaurants (“TSFR”)
for $2.7 million. The property is located in Chesterfield, Michigan and
is occupied under two separate triple-net leases with new 10-year terms.
The site was recently constructed and both the MOD Pizza and Del Taco
portions are structurally independent. TSFR operates over 110
restaurants including Applebee’s, MOD Pizza and Del Taco, and has been a
restaurant franchisee in Michigan for 36 years. The transaction was
priced at a 7.4% going-in cash cap rate.
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