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 Starbucks property for $1.1 million.
The property is located in Alabama and is occupied under a double-net
lease guaranteed by Starbucks corporate with approximately nine years of
term remaining and a 10% rent escalation in March 2023. The transaction
was priced at a 7.2% 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/20181030006160/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust