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 an Outback Steakhouse restaurant in New Mexico for $3.9
million. The property was acquired through a sale-leaseback transaction
and will operate under a new triple-net lease with Cerca Trova, the
largest domestic franchisee in the Bloomin’ Brands (NASDAQ: BLMN)
system. The lease has 20 years of initial term and rent increases of 10%
every five years during the initial term. The capitalization rate is
consistent with past transactions.
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/.
About Cerca Trova Restaurant Concepts, Inc.
Cerca Trova Restaurant Concepts, Inc. (“Cerca Trova” or the “Company”)
is a restaurant management company based in San Diego, California and
the largest domestic franchisee of Outback Steakhouse, a casual dining
Australian-themed steakhouse restaurant. Cerca Trova operates and
manages 100+ Outback Steakhouse restaurants in five states in the
western U.S. For more information, please refer to www.cercatrovarc.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190123005881/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust