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 corporate operated Buffalo Wild Wings restaurant for
$1.7 million from PREIT. The property is located in South Carolina, and
is occupied under a triple-net lease with approximately 13.2 years of
term remaining and a rent escalation of 2.0% annualized. The transaction
was priced at a 6.6% going-in cash cap rate, exclusive of transaction
costs.
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 seeks to grow its portfolio by acquiring
additional real estate to lease, on a 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/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180629005778/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust