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 Taco Bell property in Columbia, South Carolina for $2.4
million. A portion of the acquisition funding was raised through FCPT’s
use of its “At the Market” offering program. The restaurant is occupied
under a triple-net lease with approximately 12 years of term remaining.
The transaction closed at a going-in cash cap rate of 6.5%, exclusive of
transaction costs. The tenant is a subsidiary of Bell American Group
LLC, which operates over 250 Taco Bell restaurants under Flynn
Restaurant Group, the largest restaurant franchisee in the United States.
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/20170113005663/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust