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 BJ’s Restaurant and Brewhouse
property for $4.2 million. The property is located in Michigan and is
occupied under a triple-net lease by BJ’s Restaurants, Inc. (NASDAQ:
BJRI) with approximately 13 years of term remaining and 10% rent
escalations every five years beginning in April 2022. The transaction
was priced at a 6.5% 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/.
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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