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 Red Lobster restaurant property for $1.8 million. The
property is located in Pennsylvania, and is occupied under a triple-net
lease with approximately 9 years of term remaining. The transaction was
priced at a 7.1% going-in cash cap rate, exclusive of transaction costs.
Red Lobster operates over 700 restaurants across the U.S. and Canada and
is the largest casual dining seafood brand in the country.
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/20180529006301/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust