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 two Buffalo Wild Wings restaurant properties leased to
World Wide Wings, one of the largest Buffalo Wild Wings franchisees
(over 65 units), for $6.6 million. The properties are located in
Illinois, and are occupied under separate triple-net leases with
approximately 14 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: http://www.businesswire.com/news/home/20180110006172/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
or
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust