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 six restaurant properties for $7.5 million from
Brookfield Properties. The transaction spans five brands, including
Texas Roadhouse (2), Applebee’s, Olive Garden, Panera Bread and Sonic.
The properties are outparcels to four Brookfield owned malls located in
CA (3 outparcels at the same mall), AZ, IL, and MI and are a mix of
corporate-operated (3) and franchisee-operated (3) locations. The sites
are on high traffic frontage roads with attractive demographics and in
strong retail areas of their respective markets. The leases have an
average of 5 years of term remaining and are largely triple-net ground
leases (Panera Bread is under a double net lease). The transaction was
priced at a similar going-in cash capitalization rate as previously
announced transactions.
Bill Lenehan, CEO of FCPT, stated, “This acquisition built on FCPT’s
expertise in acquiring outparcel properties from mall and shopping
center companies. Brookfield was a tremendous partner on the transaction
and we look forward to continuing to work with their team.”
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/.
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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